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Accor's Polish unit Orbis to issue $59 mln in bonds
December 8, 2014 / 3:07 PM / 3 years ago

Accor's Polish unit Orbis to issue $59 mln in bonds

WARSAW, Dec 8 (Reuters) - Poland’s biggest hotel group Orbis wants to issue bonds worth 200 million zlotys ($59 million) next year to re-finance part of a loan it plans to take to buy 46 hotels from its parent company Accor, Orbis said.

Orbis is to take over 38 existing and eight planned hotels in central Europe for 142.3 million euros ($175 million).

“We want to take a 120 million euros loan to finance the transaction ... Shortly after we want to (partly) replace it with bonds,” Orbis deputy head Ireneusz Weglowski told Reuters in an interview authorised for publication on Monday.

Orbis will finance the remaining 22 million euros with its own funds.

Orbis wants to issue the bonds in the first half of 2015, primarily targeting banks and big pension funds.

The company plans to increase its core earnings or EBITDA to 204 million zlotys this year from 199 million in 2013, and expects the hotels acquisition will help it to raise earnings further in 2015. ($1 = 3.3890 zlotys) ($1 = 0.8144 euros) (Reporting by Anna Koper; Writing by Marcin Goclowski; Editing by David Holmes)

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