Home Inns Group announces term loan refinancing

SHANGHAI - Home Inns & Hotels Management Inc., an economy hotel chain in China, announced that it completed the refinancing of its US dollar denominated term loan on June 28, 2013. The outstanding balance of the term loan, which was due in September 2015, was $117 million.

The new US dollar denominated term loan facility of $117 million, due in June 2016, was sourced from the Industrial and Commercial Bank of China with an annual rate of 3-month LIBOR plus 295 basis points, inclusive of all financing fees and on-going interest charges.

Ms. Huiping Yan, Home Inns Group's chief financial officer, commented, "In a tightening credit environment in China, the Company achieved improved terms and gained greater financial flexibility by successfully executing this refinancing initiative. This clearly demonstrates the soundness of our underlying business as well as our commitment to optimizing our overall capital structure to support the long term development of Home Inns Group."

Sourced: TravelDailyNews