Last checked at 5 Apr 2023 16:16
LEI:213800OC94PF2D675H41
Hostelworld Group plc ("Hostelworld")
Commences debt repayment with significant voluntary paydown
Hostelworld, a leading global social network powered OTA focused on the hostelling category, is pleased to announce a voluntary early repayment of €10 million of its €30 million term loan facility. This payment represents 30% of the outstanding five-year facility. The facility was drawn down in February 2021 from certain funds (or affiliates or subsidiaries of such funds) and/or accounts managed, advised or controlled by HPS Investment Partners, LLC or its subsidiaries or affiliates (together, "HPS"). Following this early repayment, the current outstanding debt to HPS is €24.4 million, which includes PIK interest of €4.4 million. We continue to make progress on our plans to refinance the remaining balance of this five-year facility.
Hostelworld Group plc Corporate@hostelworld.com
Gary Morrison, Chief Executive Officer
Caroline Sherry, Chief Financial Officer
About Hostelworld Group
Hostelworld Group Plc is a ground-breaking social network powered OTA focused on the hostelling category, with a clear mission to help travellers find people to hang out with. Our mission statement is founded on the insight that the vast majority of travellers go hostelling as a means to meet other people; which we facilitate through a series of Social features on our platform that connect our travellers in hostels and cities based on their booking data. To date the strategy has been extraordinarily successful, generating significant word of mouth recommendations from our customers and strong endorsements from our Hostel partners.
Founded in 1999, Hostelworld is a well-known trusted brand with 250 employees across 11 countries; hostel partners in 170 countries; and a strong commitment to building a better world in all that we do. In particular, our focus in the last few years has been on improving the sustainability of hostelling industry, through our membership of the Global Sustainable Tourism Council (GSTC); our active involvement in the Global Tourism Plastics Initiative (GTPI); our partnerships with Bureau Veritas to establish emissions benchmarks for the hostelling industry; and our recent partnership with the South Pole to be a climate neutral company in 2021 and 2022.