April 20, 2018 12:33 PM ET

Hotels, Restaurants and Leisure

Company Overview of Playa Resorts Holding B.V.

Company Overview

Playa Resorts Holding B.V. owns and operates 13 hotels including 5,805 rooms located in Mexico, Dominican Republic, and Jamaica. The company is based in Amsterdam, the Netherlands. Playa Resorts Holding B.V. operates as a subsidiary of Playa Hotels & Resorts N.V.

Prins Bernhardplein 200

Amsterdam,  1097JB

Netherlands

Key Executives for Playa Resorts Holding B.V.

Playa Resorts Holding B.V. does not have any Key Executives recorded.

Playa Resorts Holding B.V. Key Developments

Playa Hotels & Resorts N.V. and Playa Resorts Holding B.V. Enter into First Amendment to Amended and Restated Credit Agreement

On December 6, 2017, Playa Hotels & Resorts N.V. (‘Company’) and its subsidiary, Playa Resorts Holding B.V. (‘Borrower’), entered into the first amendment to amended & restated credit agreement (‘Amendment’), dated as of December 6, 2017, with Deutsche Bank AG New York Branch, as Administrative Agent and lender (‘Administrative Agent’), and the other lenders party thereto from time to time, which amendment amends the amended & restated credit agreement, dated as of April 27, 2017, among the company, the Borrower, the Administrative Agent and the financial institutions party thereto as lenders and agents (‘Existing Credit Agreement’). The amendment amends the existing credit agreement to, among other things, effect an incremental term loan facility of $380 million (‘Incremental Term Loan’ and, together with the existing terms loans that were in effect prior to the amendment, the ‘Term Loans’) that was incurred pursuant to the Borrower’s exercise of its option to request incremental loans under the existing credit agreement and increase the interest rate applicable to the Term Loans by 0.25% to, at the Borrower’s option, either a base rate plus a margin of 2.25% or LIBOR plus a margin of 3.25%. The Incremental Term Loan was fully funded on December 6, 2017 and has a maturity date of April 27, 2024. The other terms applicable to the Incremental Term Loan are the same as those applicable to the existing term loans that were in effect prior to the Amendment. The proceeds of the Incremental Term Loan were used, in part, to redeem the Borrower’s outstanding $360,000,000 aggregate principal amount of 8.000% Senior Notes due 2020. Except as amended by the amendment, the terms of the existing credit agreement remain in full force and effect. Deutsche Bank Securities Inc., an affiliate of the Administrative Agent, was an initial purchaser in the offerings of the company’s senior notes due 2020. Deutsche Bank Securities Inc. also served as dealer-manager for the company’s exchange offer to exchange the company’s ordinary shares for certain outstanding warrants, which commenced on May 22, 2017.

Playa Hotels & Resorts N.V. and Playa Resorts Holding B.V. Enter into Amended and Restated Senior Secured Credit Agreement with Deutsche Bank AG New York Branch

On April 27, 2017, Playa Hotels & Resorts N.V. and Playa Resorts Holding B.V. (the Borrower), entered into an amended and restated senior secured credit agreement pursuant to that certain Restatement Agreement with Deutsche Bank AG New York Branch, as Administrative Agent, Swing Line Lender and Mexican Collateral Agent, Deutsche Bank, Bank of America, N.A. and Citibank N.A., as L/C Issuers, and the other lenders party thereto from time to time (the Restated Credit Facility). The Restated Credit Facility amends and restates that certain Credit Agreement, dated as of August 9, 2013, among the company, the Borrower, Deutsche Bank, as Administrative Agent, L/C Issuer, Swing Line Lender and Mexican Collateral Agent, and the lenders party thereto. The Restated Credit Facility consists of (i) a $100 million revolving line of credit with a maturity date of April 27, 2022 (the Revolving Credit Facility) and (ii) a $530 million term loan with a maturity date of April 27, 2024 (the Term Loan). The maturity dates with respect to the Revolving Credit Facility and Term Loan are subject to an earlier maturity date that is 91 days prior to August 15, 2020 (the final maturity date of the Borrower's 8.000% Senior Notes due 2020 (the Senior Notes)) if on such date the outstanding principal amount of the Senior Notes is greater than or equal to $25 million (or, if less than $25 million, the Borrower is unable to demonstrate that it has sufficient liquidity to repay such outstanding principal amount without causing the Borrower's liquidity to be less than $50 million). The Revolving Credit Facility also includes a $10 million subfacility for the issuance of standby letters of credit. The Restated Credit Facility also permits an increase in the amount of term loans and the commitments under the Revolving Credit Facility without the consent of the lenders under the Restated Credit Facility in an aggregate principal amount for all such increases of up to (x) $150 million plus (y) such other amounts as would not cause certain financial ratios to exceed the applicable ratio set out in the Restated Credit Facility, in each case, subject to one or more lenders providing additional commitments for such increases and the satisfaction of certain other customary conditions. The Term Loan was fully funded at closing and is being used to refinance indebtedness outstanding under the Original Credit Agreement, to redeem $115 million in aggregate principal amount of the Borrower's outstanding Senior Notes and for other general corporate purposes. Borrowings under the Term Loan bear interest, at the Borrower's option, at either a base rate plus a margin of 2.00% or LIBOR plus a margin of 3.00%. Borrowings under the Revolving Credit Facility bear interest, at the Borrower's option, at either a base rate plus a margin of 2.00% or LIBOR plus a margin of 3.00%. In addition, under Revolving Credit Facility, the company pay an unused commitment fee on the average daily undrawn amount at a rate that varies between 0.25% and 0.50%, depending on the level of its consolidated secured leverage ratio in effect from time to time.

Playa Resorts Holding B.V. Announces Consent Solicitation

Playa Hotels & Resorts B.V. announced that, Playa Resorts Holding B.V., has commenced a consent solicitation with respect to proposed amendments to the indenture governing its 8.00% Senior Notes due 2020, upon the terms and subject to the conditions set forth in the Consent Solicitation Statement dated December 14, 2016. The company is soliciting consents to certain proposed amendments to the indenture governing the Notes, to provide that the company's obligation to make a COC Offer will not apply to the Business Combination. The consent solicitation will expire, on December 20, 2016. Subject to the terms and conditions set forth in the Statement, the company will pay to the holders who delivered valid and unrevoked consents prior to the Expiration Time a cash payment equal to $2.50 per $1,000 aggregate principal amount of Notes consented. The Consent Fee will only be payable upon, among other things, both the receipt of Requisite Consents and the closing of the Business Combination. Only holders of record of the Notes as of, on December 13, 2016, are eligible to deliver consents to the Proposed Amendments in the consent solicitation Playa is seeking the Proposed Amendments in connection with the previously announced transaction agreement entered into by Parent, Pace Holdings Corp, and New Pace Holdings Corp.

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