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CORRECT: Maybourne Hotel Group Close To GBP600M Refinancing- Sky News

Sat, 31st Jul 2010 16:14

("Maybourne Hotel Group Close To GBP600M Refinancing--Newspaper," at 1038 GMT, misstated the source of the article in the headline and first paragraph. The correct version follows:) DOW JONES NEWSWIRES LONDON (Dow Jones)--Maybourne Hotel Group, owner of some of London's most prestigious hotels, is close to finalizing a GBP600 million restructuring that will make U.S. property manager Westbrook Partners a leading investor, Sky News' Mark Kleinman says he has learned. Maybourne, which owns five-star landmark hotels Claridge's and the Connaught, as well as the Berkeley, has until later this year to refinance a GBP600 million loan from Anglo Irish Bank Corp. (AGIBY) and Bank of Ireland, Kleinman said. He added that Maybourne is said to have several options available but the deal with Westbrook, which would reportedly see it and another unidentified firm take a GBP200 million equity stake as part of a larger package, was the most advanced. Alongside the Westbrook investment, Deutsche Bank is working on a proposal to refinance about GBP400 million of senior debt, he added. Newspaper Web site: www.telegraph.co.uk -London Bureau, Dow Jones Newswires; +44 (0)20 7842 9269 (END) Dow Jones Newswires July 31, 2010 11:14 ET (15:14 GMT)
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