FRHI Holdings Limited ("FRHI"), the parent company of Fairmont Hotels & Resorts, Raffles Hotels & Resorts and Swissotel Hotels & Resorts, today announced that it has successfully entered into a new $600 million credit facility with a syndicate of 11 lenders. The new facility replaces FRHI's existing facility, which was scheduled to mature August 2013. 

The new facility has an initial maturity of May 2016 with an option to extend the term for one additional year, subject to certain conditions including the payment of an extension fee. In addition, FRHI has the option to seek additional lender commitments to increase the aggregate principal amount of the new facility by up to $250 million through an accordion feature, allowing for total commitments up to $850 million. The facility was arranged by Citigroup Global Markets Inc. and RBC Capital Markets as Joint Lead Arrangers and Book Running Managers. 

"We are very pleased with the finalization of the new credit facility which provides improved pricing and terms while extending maturity and increasing the facility size," said Bill Fatt, Chairman & Chief Executive Officer, FRHI. "In addition, the new facility greatly enhances our financial flexibility and capacity to support the global expansion of our three brands."