- The new bonds are issued for the repurchase and exchange of Cadena Mar’s (Grupo Batle) issue, launched in September 2017
- The funds raised will be used to finance the construction of two new hotel complexes in Playa Mujeres, Cancún (Mexico)
The Mercado Alternativo de Renta Fija (MARF) has registered a new bond issue by Tyche Group, the new company created by Batle for managing its hotels in the Caribbean. With this issue Tyche repurchases and exchanges the bond issued in September 2017 by Grupo Batle’s Cadena Mar. The exchange takes place under the terms agreed by Batle whereby the Group’s hotel portfolio is divided into two geographic areas: the Balearic islands and the Caribbean. Under the aforementioned terms, Tyche Group becomes the owner and manager of the 3 resorts previously operated by Batle in the Dominican Republic and will also develop two new tourist complexes in Playa Mujeres, Cancún (Mexico).
The 30 million euros raised with the new issue have been distributed among qualified investors who have subscribed the exchange. They have a 4.25% annual coupon and maturity in May 2023. The issue’s structure will feature certain personal and mortgage guarantees granted by Tyche in favour of the bondholders.
Alantra has acted as the exchange’s Global Coordinator, Placement Entity and Registered Advisor with MARF, while Tyche's legal advisor has been DLA Piper Spain.
Axesor Rating has awarded a BBB rating to the new bond issue.
Tyche Group specialises in the management of hotels. It currently operates three holiday resorts in Punta Cana (Dominican Republic) under the Majestic Resorts brand, with about 1,800 rooms on an all-inclusive basis. The two new hotels in Mexico will provide 1,176 additional rooms and their opening is scheduled between 2019 and 2020.