Above: the Atlantis on Paradise Island
By the Caribbean Journal staff
Kerzner International has completed the refinancing of $145 million of the company’s debt, it announced this week.
The company, which operates properties including the One & Only Ocean Club and the Atlantis resort on Paradise Island, extended its debt maturity profile to five years with the deal.
“Our ability to tap into global and regional liquidity is a testament of the financial market’s confidence in Kerzner, its management team and the future prospects of the business,” said Alan Leibman, CEO of Kerzner International in a press release. “With substantially less debt and with access to additional cash, we can continue to focus on our growth plans to develop new experiences around the world.”
The company said the completion of the refinancing would allow it to continue focusing on its role as a management company; it will continue to operate the Atlantis, its One & Only resorts and its Mazagan resort in Moroco.
The company recently announced the opening of two new resorts: a One & Only in Montegenro, and a One & Only Sanya in China. Both are the company’s first properties on their respective continents.
“We are pleased with our partnership with Kerzner International and to make this transaction a success,” said Ashok Aram, CEO of Deutsche Bank, which was the lead arranger of the refinancing. “The transaction strengthens Kerzner’s financial structure and reflects investor’s confidence in the company and its senior management. The transaction underlines our commitment to support growth companies in the MENA region.”
Abu Dhabi Commercial Bank, Ahli United Bank, Emirates NBD and Doha Bank supported the transaction.