Murano Global Investments Plc Announces Closing of USD 300 Million Offering of Senior Secured Notes
Summary
Murano Global Investments Plc announced the closing of an offering of USD 300,000,000 aggregate principal amount of 11.000% Senior Secured Notes due 2031 (the ?Notes?) ), Operadora Hotelera G.I., S.A. de C.V. (the ?Operator Guarantor? The main source of payment of the Notes will be the amounts corresponding to the collection rights under a hotel management agreement for the recently opened Grand Island Cancun hotel (the ?GIC I Hotel?) ), all of the Operator Guarantor?s collection rights under material contracts, (iv) all of the GIC I Trust?s collection rights under its lease agreement, all collection rights under the insurance policy covering the GIC I Hotel, (vi) the Operator Guarantor?s equity, all of the Operator Guarantor?s and the GIC I Trust?s assets, and mortgages (hipotecas) granted by the GIC I Trust over private unit number one of the Grand Island Condominium and by the Murano 3224 Trust over private unit number two of the Grand Island Condominium. The Issuer Trust will use the proceeds from the Notes to prepay existing debt facilities, fund a debt service reserve account, pay transaction costs and expenses, and fund working capital and support hotel completion costs.The closing of the Notes offering transaction, the first one by Murano in the international capital markets, marks an important milestone in Muranos recent history as a public company, allowing Murano to reduce refinancing risk and improve its capital structure.