| To: Business Editor | For immediate release |
MANDARIN ORIENTAL ARRANGES A HK$3 BILLION (US$385 MILLION)
SYNDICATED LOAN FACILITY
16th August 2001 - Mandarin Oriental International Limited today announced that it had entered into an agreement with a syndicate of 20 international banks to put in place a HK$3 billion (US$385 million) dual tranche secured transferable credit facility. The funds will be used in part to refinance existing borrowings of HK$1.7 billion (US$218 million) and also to provide general working capital and to support the Group's growth strategy.
The new facilities increase the average tenor of Mandarin Oriental's existing loans from approximately three to six years. The first tranche is a five year revolving credit facility amounting to some HK$1.7 billion (US$218 million) and the second tranche is a seven year term loan facility amounting to some HK$1.3 billion (US$167 million).
Commenting on the new arrangements, Chief Executive Officer, Edouard Ettedgui, said, "The new facilities not only increase significantly the average term of our bank debt, but are also competitively priced. We are positioning Mandarin Oriental as one of the world's leading luxury hotel brands, progressing year-on-year towards operating 10,000 rooms in major international business centres and leisure destinations. The proceeds of this syndicated loan will also help us further to capitalize on our luxury brand and support this growth."
The three Co-ordinating Arrangers of the facility are Standard Chartered Bank, BNP Paribas Hong Kong Branch and The Bank of Tokyo-Mitsubishi, Ltd. The facility was substantially oversubscribed upon closing of the general syndication.
Other banks participating in the facility are: Commerzbank Aktiengesellschaft, Hong Kong Branch; The Sanwa Bank, Limited, Hong Kong Branch; Sumitomo Mitsui Banking Corporation; The China & South Sea Bank, Ltd., Hong Kong Branch; The Agricultural Bank of China, Hong Kong Branch; The Bank of East Asia, Limited; Industrial and Commercial Bank of China (Asia) Limited; Nanyang Commercial Bank, Limited and Shanghai Commercial Bank Ltd. as Arrangers. Co-Arrangers include Oversea-Chinese Banking Corporation Limited and Hang Seng Bank Limited. Lead Managers are Bank of China, Macau Branch; Bank of Communications, Hong Kong Branch; Dah Sing Bank, Limited; Mizuho Financial Group (Fuji); Tai Fung Bank Limited; and The Yien Yieh Commercial Bank Ltd., Hong Kong Branch.
Mandarin Oriental is an award-winning international hotel investment and management group with a portfolio of 21 deluxe and first class hotels worldwide, including two hotels under development, one in New York (opening early 2004) and the other in Tokyo (opening 2006). The Group has equity interests in most of its properties and net assets of approximately US$1 billion at 31st December 2000. Mandarin Oriental is a member of the Jardine Matheson Group.
For further information, please contact:
| Mandarin Oriental Hotel Group International Limited | |
| Edouard Ettedgui | (852) 2895 9288 |
| Stuart Dickie | (852) 2895 9177 |
| Chantal Hooper | (852) 2895 9160 |
| Golin/Harris Forrest | |
| David Dodwell | (852) 2522 6475 |
This and other Company announcements can be accessed through the Internet at "www.mandarinoriental.com".
2000 and 2001 represent significant years in the growth and development of luxury hotel operator, Mandarin Oriental Hotel Group. Recent highlights for Mandarin Oriental include:
On 18th June 2001, Mandarin Oriental International Limited announced that it will manage a new luxury hotel in Tokyo due to open in 2006. The hotel, to be named Mandarin Oriental, Tokyo, will occupy the top 10 floors of the new 41-storey Muromachi Mitsui Shinkan building, which is being incorporated into the 72-year old historic Mitsui Main Building and is being designed by internationally-renowned architect, Cesar Pelli. With a pre-eminent address in Nihonbashi district, the 171-room luxury hotel will be ideally located in central Toyko, with close proximity to the financial districts and the shopping district in Ginza.
Ground-breaking has commenced with the development of Mandarin Oriental's new luxury hotel in New York due to open in early 2004. Mandarin Oriental, New York, is being developed on a prime site in the heart of Manhattan as part of the Columbus Circle project. The address, with its Central Park views, AOL/Time Warner headquarters, CNN broadcast studios, luxury retail and residential complexes, the Jazz@Lincoln Center and a 251-room Mandarin Oriental hotel, will certainly be New York's most prestigious location.
The Group welcomed six exclusive hotels and resorts following the acquisition of the former Rafael Group in May 2000, providing Mandarin Oriental with greater visibility in The Americas and Europe. This represented a significant step in Mandarin Oriental's strategy to double the number of rooms under management and to capitalize on its luxury brand, also providing the Group with a more balanced geographic presence.
Mandarin Oriental, Miami, a dynamic new hotel for the Group, celebrated its grand opening in March 2001. The 329-room waterfront hotel is ideally located on the prestigious island of Brickell Key, just minutes from downtown Miami and close to South Beach, Coconut Grove and Miami International Airport.
In May 2000 the Group re-opened its prestigious London flagship with a luxurious new image, following an extensive restoration of this historic London landmark. This included a total restoration of the hotel exterior, the entire renovation of the hotel's 200 rooms and suites, a vibrant redesign of its restaurants, bar and meeting facilities and the creation of a deluxe pampering spa, unique to London. Since re-opening just over 12 months ago, the hotel has received numerous international accolades for excellence in service and facilities and is well-positioned to become London's most luxurious address.
In September 2000, the Group signed an exclusive joint venture agreement with Indian Hotels & Health Resorts, to manage and develop luxury hotels throughout India. The first property to open under this joint venture is Mandarin Oriental Ananda, The Himalayas, a luxury destination spa and resort.
2001 is a significant year for The Oriental, Bangkok as the hotel celebrates the historic occasion of its 125th anniversary and completes its luxurious US$28 million renovation of the River Wing and its 330 rooms and suites. The major renovation, that includes spacious new bathrooms; state-of-the-art in-room entertainment systems, and sumptuous mix of colonial and Thai furnishings, will clearly ensure the continuation of The Oriental's legendary reputation.
To support Mandarin Oriental's growth strategy and to leverage its brand in key destinations worldwide, the Group launched in April 2000, a well-received global brand advertising campaign that simply and elegantly connects Mandarin Oriental's well recognized symbol - the fan - with international celebrities who stay at the hotels and consider themselves to be fans of the Group.
World-famous photographer and royal, Patrick Lichfield, photographed all celebrities featured in the campaign. New "fans" for the Group's campaign in 2001 include Minnie and Kate Driver, Whoopi Goldberg, Martin Sheen and Zubin Mehta. These fans join the campaign's other well-known celebrities including Elle MacPherson, Jerry Hall, Michelle Yeoh, Vanessa Mae, Jane Seymour, Dame Edna Everage, Frederick Forsyth and David Tang.
Mandarin Oriental has forged ahead with the development of exclusive, highly personalized, Mandarin Oriental spas in many of the Group's hotels, offering guests city, resort and destination spa experiences. The concept of luxury spa is a key brand attribute of the Group and represents a significant step in their strategy of growing a global brand. With their focus on individual, personalized treatments, the spas are designed to offer experiences that enhance one's well-being and go well beyond simply delivering massages to tired bodies.
Current Mandarin Oriental spa locations include London, Bangkok, Miami, The Himalayas, Florida and Macau. Spas under development include Hawaii, Bermuda, Manila, New York and Tokyo.
In 2001, the Group announced the arrival of a dedicated on-line reservations service, providing easy access to rates and availability at all Mandarin Oriental hotels. Reservations can be made within less than two minutes with rates even converted into the guest's preferred currency. The booking facility is available through www.mandarinoriental.com. Since its introduction in February, the site has experienced a 20% increase in on-line reservations monthly.
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