Playa Hotels & Resorts NV amended its existing credit agreement with Deutsche Bank AG to effect an incremental term loan facility of $100 million and to slash the interest rate on its term loans.
The term loan, due April 27, 2024, was fully funded June 7.
The amendment decreases the interest rate applicable to the term loans by 0.50% to either a base rate plus a margin of 1.75% or the London Interbank Offered Rate plus a margin of 2.75%, at the borrower's option.
The hotelier will use the proceeds of the loan to partly fund its recent transaction with Sagicor Group Jamaica Ltd.
