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| Share Price: 484.60 | Bid: 483.70 | Ask: 484.00 | Change: -9.10 (-1.84%) |  | ||||||
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Travelodge secures 60 mln stg funding
Sun, 19th Feb 2012 17:27
LONDON, Feb 19 (Reuters) - British budget hotelier Travelodge has secured a 60 million pounds
He said the 60 million pounds medium term loan facility, which replaces an existing line, has been underwritten by junior lenders including U.S. firms Golden Tree Asset Management and Avenue Capital.
Travelodge was currently assessing if senior lenders, such as Investec, Barclays and Royal Bank of Scotland, also want to participate. Debt restructuring talks began earlier this year.
The spokesman was responding to a report in The Sunday Times which said Travelodge could face administration if additional funds were not raised.
The report said Golden Tree Asset Management and Avenue Capital were planning to seize control of the hotelier from DIC through a debt for equity swap.
'GoldenTree has been a very supportive lender to Travelodge for many years and continues to work closely with the company and management,' said a GoldenTree spokesman.
DIC, a private equity group backed by state-owned conglomerate Dubai Holding, bought Travelodge from Permira in 2006 for 675 million pounds, backed by loans of 478 million pounds.
The spokesman said Travelodge, which has over 470 hotels across Britain, Ireland and Spain, employing more than 6,000, saw 2011 profit rise 20 percent to about 55 million pounds on revenue up about 16 percent to 370 million pounds. ($1 = 0.6323 British pounds)
(Reporting by James Davey; Editing by David Cowell) Keywords: TRAVELODGE/
(james.davey@thomsonreuters.com)(+44 20 7542 7674)(Reuters Messaging: james.davey.thomsonreuters.com@reuters.net)
COPYRIGHT
Copyright Thomson Reuters 2012. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
LONDON, Feb 19 (Reuters) - British budget hotelier Travelodge has secured a 60 million pounds
($94.89 million) line of funding and is trading well, a spokesman for the Dubai International Capital (DIC) owned business said on Sunday.
He said the 60 million pounds medium term loan facility, which replaces an existing line, has been underwritten by junior lenders including U.S. firms Golden Tree Asset Management and Avenue Capital.
Travelodge was currently assessing if senior lenders, such as Investec, Barclays and Royal Bank of Scotland, also want to participate. Debt restructuring talks began earlier this year.
The spokesman was responding to a report in The Sunday Times which said Travelodge could face administration if additional funds were not raised.
The report said Golden Tree Asset Management and Avenue Capital were planning to seize control of the hotelier from DIC through a debt for equity swap.
'GoldenTree has been a very supportive lender to Travelodge for many years and continues to work closely with the company and management,' said a GoldenTree spokesman.
DIC, a private equity group backed by state-owned conglomerate Dubai Holding, bought Travelodge from Permira in 2006 for 675 million pounds, backed by loans of 478 million pounds.
The spokesman said Travelodge, which has over 470 hotels across Britain, Ireland and Spain, employing more than 6,000, saw 2011 profit rise 20 percent to about 55 million pounds on revenue up about 16 percent to 370 million pounds. ($1 = 0.6323 British pounds)
(Reporting by James Davey; Editing by David Cowell) Keywords: TRAVELODGE/
(james.davey@thomsonreuters.com)(+44 20 7542 7674)(Reuters Messaging: james.davey.thomsonreuters.com@reuters.net)
COPYRIGHT
Copyright Thomson Reuters 2012. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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