Mandarin In.sg Regulatory News (MDO)

4 Sep 2007 10:05

Mandarin Oriental International Ld04 September 2007 To: Business Editor For immediate release MANDARIN ORIENTAL ARRANGES A HK$3.5 BILLION EQUIVALENT (APPROXIMATELY US$450MILLION) SYNDICATED LOAN FACILITY 4th September 2007 - Mandarin Oriental International Limited today announcedthat it had entered into an agreement with a syndicate of 19 international banksto put in place a HK$3.5 billion equivalent (approximately US$450 million) dualtranche secured transferable credit facility. The funds will be used in part torefinance existing borrowings of HK$2.7 billion (approximately US$345 million)and also to provide general working capital to support the Group's growthstrategy. The new facilities increase the average tenor of Mandarin Oriental's existingloans from approximately three to six years. The first tranche is a seven yearterm loan facility amounting to HK$2 billion (US$257 million) and the secondtranche is a seven year revolving credit facility amounting to HK$1.5 billion(US$193 million). Commenting on the new arrangements, Chief Financial Officer, John Witt, said, "The new facilities not only increase significantly the average term of ourbank debt, but are also competitively priced. We are positioning MandarinOriental as one of the world's leading luxury hotel brands, with a strongpresence in major international leisure destinations and business centres. Theproceeds of this syndicated loan will also help us further to capitalize on ourluxury brand and support this growth." The four Mandated Co-ordinating Arrangers of the facility are The Bank ofTokyo-Mitsubishi UFJ, Ltd., HSBC, BNP Paribas, and Standard Chartered Bank (HongKong) Limited. The facility was substantially oversubscribed upon closing ofthe general syndication. Other banks participating in the facility are: Industrial and Commercial Bank ofChina (Asia) Limited, BBVA, Hong Kong Branch and Bank of Communications Co.,Ltd. Hong Kong Branch as Co-ordinating Arrangers; Hang Seng Bank Limited,Shanghai Commercial Bank Ltd., China Construction Bank Corporation, Hong KongBranch, Chong Hing Bank Limited, Mizuho Corporate Bank, Ltd., Sumitomo MitsuiBanking Corporation and Tai Fung Bank Limited as Arrangers; Nanyang CommercialBank, Limited, Bank of China (Hong Kong) Limited, Bank of East Asia,Oversea-Chinese Banking Corporation Limited, Hong Kong Branch and Wing LungBank, Limited as Senior Managers. Mandarin Oriental Hotel Group is the award-winning owner and operator of some ofthe world's most prestigious hotels and resorts, currently operating 20luxury hotels with a further 16 under development in Hainan Island, China andRiviera Maya, Mexico (2007), Barcelona, Beijing and Boston (2008), Chicago,Costa Rica, Dallas, Las Vegas, Macau, Marrakech, and Turks and Caicos (2009),Grand Cayman, Guangzhou, Paris and Taipei (2010). In total, Mandarin Orientalnow operates, or has under development almost 9,800 rooms in 21 countries with16 hotels in Asia, 13 in The Americas and seven in Europe and North Africa.Mandarin Oriental International Limited is a publicly listed company and amember of the Jardine Matheson Group. - end - For further information, please contact: Mandarin Oriental Hotel Group International LimitedStuart Dickie (852) 2895 9177Group Finance e-mail: stuartd@mohg.com Sally de Souza (852) 2895 9160Group Communications e-mail: sallydes@mohg.com Matheson & Co., Limited (020) 7816 8136Philip Hawkins GolinHarris (852) 2501 7987Kennes Young Weber Shandwick Financial (020) 7067 0700Richard Hews/ Hannah Marwood Photography of Mandarin Oriental is available to download, in high and lowresolution, in the Photo Library of our Media section, atwww.mandarinoriental.com. This and other Group announcements can be accessed through the Internet atwww.mandarinoriental.com. This information is provided by RNS The company news service from the London Stock Exchange