DLA Piper advises on re-financing of large Spanish hotel group

DLA Piper has advised on the €750m (£620m) re-financing of NH Hoteles, a large Spanish hotel group and one of the top 25 hotel chains in the world.

The transaction was structured by means of several instruments including a €200m club deal, €250m high-yield bonds and €250m convertible bonds and involved 19 jurisdictions. DLA Piper acted as legal adviser for a syndicate of lenders under the club deal including Barclays, Deutsche Bank, BNP Paribas, Banco Santander, BBVA, Banco Espirito Santo, Banco Sabadell and Bankia.

The transaction was led by the finance and projects team in the firm’s Madrid office, working closely with DLA Piper offices in Belgium, the Netherlands, Germany, Austria, Mexico, Poland, the Czech Republic, Romania, Venezuela and France and with relationship firms in various other countries. The Madrid, Amsterdam and Brussels offices also acted on the creation of the security package for the high-yield bonds.

This complex deal implementing three different instruments at the same time was closed on a tight timeline, with the DLA Piper team being led by Jesús Zapata and Nerea Cemlyn-Jones.