Spain's NH Hotels says to issue up to 500 mln euros in bonds

MADRID Thu Oct 24, 2013 12:32pm EDT

MADRID Oct 24 (Reuters) - Spain's NH Hotels said on Thursday it planned to issue up to 275 million euros ($380 million) in a 2018 convertible bond and 225 million euros in a 2019 senior bond, with the senior bond being contingent on the first.

In a statement to the securities regulator, the company said that it would use the proceeds from the bonds along with a 200 million euros credit line announced earlier this week, to pay off its syndicated debt and financial obligations.

NH Hoteles is restructuring its debt, which totaled 686 million euros as of the end of June.

($1 = 0.7245 euros) (Reporting by Fiona Ortiz)

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