LONDON, Sept. 12, 2024 (GLOBE NEWSWIRE) -- MURANO GLOBAL INVESTMENTS PLC ("Murano" or the "Company") (NYSE:MRNO), announced today the closing of an offering of U.S.$300,000,000 aggregate principal amount of 11.000% Senior Secured Notes due 2031 (the "Notes") by (i) a trust created under the laws of Mexico (such trust, the "Issuer Trust"). The Notes are guaranteed by Murano PV, S.A. de C.V., a Murano sub-holding entity incorporated in Mexico (the "Murano Parent Guarantor"), Operadora Hotelera G.I., S.A. de C.V. (the "Operator Guarantor"), and two other Mexican law-governed trusts (the "Murano 2000 Trust" and the "Murano 3224 Trust"). Murano acted as sponsor of the Notes issuance pursuant to a Sponsor Support and Indemnification Agreement.
The main source of payment of the Notes will be the amounts corresponding to the collection rights under a hotel management agreement for the recently opened Grand Island Cancun hotel (the "GIC I Hotel") in Cancún. The collateral securing the Issuer Trust's obligations under the Notes and the Indenture includes (i) all cash flows generated or received by the GIC I Hotel, (ii) first beneficiary rights with respect to the Issuer Trust, the Murano 3224 Trust and other Mexican law-governed trust (the "GIC I Trust"), (iii) all of the Operator Guarantor's collection rights under material contracts, (iv) all of the GIC I Trust's collection rights under its lease agreement, (v) all collection rights under the insurance policy covering the GIC I Hotel, (vi) the Operator Guarantor's equity, (vii) all of the Operator Guarantor's and the GIC I Trust's assets, and (viii) mortgages (hipotecas) granted by the GIC I Trust over private unit number one of the Grand Island Condominium and by the Murano 3224 Trust over private unit number two of the Grand Island Condominium.
The Issuer Trust will use the proceeds from the Notes to (i) prepay existing debt facilities, (ii) fund a debt service reserve account, (iii) pay transaction costs and expenses, and (iv) fund working capital and support hotel completion costs.
The closing of the Notes offering transaction, the first one by ...
