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Playa Hotels amends credit facility

Playa Hotels & Resorts NV and its subsidiary Playa Resorts Holding BV amended an existing credit agreement to effect an incremental term loan facility and to increase the interest rate applicable to the term loans.

The incremental term loan facility, worth $380 million, was fully funded Dec. 6 and has a due date of April 27, 2024.

In addition, the amendment results in an increase to the interest rate applicable to the term loans by 0.25% to either a base rate plus a margin of 2.25%, or the London Interbank Offered Rate plus a margin of 3.25%, at the borrower's option.

The proceeds of the incremental term loan were partially used to redeem Playa Resorts' outstanding $360.0 million worth of 8.000% senior notes due 2020.

Deutsche Bank AG New York Branch was the administrative agent and lender for the facility.