April 27, 2020 / 6:35 AM / a month ago

BRIEF-IHG Secures New Financing Arrangements To Strengthen Liquidity Position

April 27 (Reuters) - InterContinental Hotels Group PLC :

* FINANCING AND CURRENT TRADING UPDATE

* IHG HAS SECURED NEW FINANCING ARRANGEMENTS TO FURTHER STRENGTHEN ITS LIQUIDITY POSITION

* BANK OF ENGLAND HAS ALSO NOW CONFIRMED IHG AS AN ELIGIBLE ISSUER FOR UK GOVERNMENT’S CCFF

* IHG HAS SECURED NEW FINANCING ARRANGEMENTS TO FURTHER STRENGTHEN ITS LIQUIDITY POSITION.

* IHG HAS ACCESS TO $1.35BN OF CASH ON DEPOSIT AND EXISTING BANK FACILITIES ARE CURRENTLY $660M UNDRAWN

* NEW FINANCING ARRANGEMENTS INCLUDES AMENDING ITS SYNDICATED REVOLVING CREDIT FACILITY TO INCLUDE WAIVER OF EXISTING COVENANTS UNTIL 31 DEC 2021

* EXPECT TO REPORT THAT Q1 GLOBAL REVPAR DECREASED APPROXIMATELY 25%

* Q1 TRADING IN GREATER CHINA CONTINUES TO STEADILY IMPROVE, WITH ONLY 12 OUT OF 470 HOTELS NOW CLOSED

* IHG HAS ISSUED £600M IN COMMERCIAL PAPER UNDER CCFF

* TRADING IN GREATER CHINA CONTINUES TO STEADILY IMPROVE, WITH ONLY 12 OUT OF 470 HOTELS NOW CLOSED.

* IN EMEAA, 50% OF HOTELS ARE CURRENTLY CLOSED

* OCCUPANCY LEVELS IN COMPARABLE OPEN HOTELS ARE CURRENTLY IN LOW TO MID 20% RANGE ACROSS BUSINESS. Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below