This excerpt taken from the OEH 10-Q filed May 8, 2009.
18. Subsequent events
Porto Cupecoy financing
In April 2009, OEH closed a $30,000,000 secured construction loan for its Porto Cupecoy residential mixed-use development project on the Dutch side of St Martin, French West Indies. OEH has drawn $5,200,000 of this loan and has access to a further $12,700,000 to fund future expenditure on the project, and may borrow additional amounts as new unit sales at Porto Cupecoy are closed. The Porto Cupecoy project is expected to be completed later this year, and as of March 31, 2009, 84 of the 181 condominium units had been sold.
OEH share offering
On May 4, 2009, the Company completed a public offering through underwriters in the United States of 25,875,000 newly issued class A common shares including 3,375,000 shares covered by the underwriters over-allotment option in the offering which was exercised in full. OEH intends to use the net proceeds, approximately $141,300,000, primarily for debt reduction and general corporate purposes.
This excerpt taken from the OEH 10-Q filed May 12, 2008.
19. Subsequent events
In April 2008, OEH entered into six new interest rate swap agreements to reduce exposure to the interest rate fluctuations on its U.S. dollar floating rate indebtedness. The interest rate swaps have been provided by various banks covering indebtedness secured by the Copacabana Palace Hotel, Keswick Hall, Windsor Court Hotel, Grand Hotel Europe, La Samanna and Mount Nelson Hotel with the total nominal amount hedged of $151,283,000. The interest rates were fixed at the level ranging between 3.43% and 3.95% for a term of three to five years.
Also in April 2008, the Company renewed a $47,000,000 term loan secured on the Windsor Court Hotel for a further five years.
This excerpt taken from the OEH 8-K filed May 8, 2008.
In April 2008, the Company renewed a $47 million term loan secured on the Windsor Court hotel for a further 5 years. Also, in April 2008, the Company fixed its floating interest rates (excluding margin) on $151.3 million of U.S. dollar debt at a weighted average rate of 3.74% for a weighted average term of 4.2 years.
On Saturday, May 3, 2008, the southern part of Burma was hit by tropical cyclone Nargis. The Road to Mandalay river cruise ship was in Rangoon for a scheduled dry-docking. The ship was caught in the storm and sustained damage, the severity of which is currently being assessed. The Governors Residence also sustained some light damage, and will be repaired during the hotels scheduled closure in May and June. Both assets are covered under the Companys insurance program.
This excerpt taken from the OEH 10-Q filed Nov 9, 2007.
18. Subsequent events
On November 7, 2007, the Company announced that it has signed an agreement to acquire the land and building of the Donnell branch of the New York Public Library, located at 24 West 53rd Street, New York City. On this site OEH plans to build a 150-room luxury hotel, including a rebuilt Donnell Library located within it. The hotel will house contemporary dining, spa and wellness facilities, as well as expanded banqueting and dining space for OEHs existing restaurant and banqueting business, 21 Club, which is adjacent to the Library premises in its location at 21 West 52nd Street. The property will be marketed under a new 21 Hotel brand name. The original 21 Club will be preserved at its current location, with enhanced facilities. The overall project is estimated at $220,000,000 inclusive of the purchase of the Library. Subject to necessary permits, construction is scheduled to start in 2009 and the hotel is planned to be in operation by early 2011.
Bank loan refinancing
On October 18, 2007, OEH borrowed $60,000,000 under a bank-syndicated loan facility totaling up to $120,000,000 secured by OEH's Brazilian properties. The initial drawdown was used to refinance an existing $44,800,000 loan facility secured by the Copacabana Palace Hotel.
This excerpt taken from the OEH 10-Q filed May 10, 2007.
17. Subsequent events
On April 12, 2007, OEH acquired the remaining 50% of Luxury Waterway Cruises (Afloat in France) for a cash consideration of $2,700,000, and on April 25, 2007, OEH acquired the remaining 50% of GSWR Holdings Limited (Royal Scotsman) for a cash consideration of £1,375,000 ($2,680,000) plus assumption of the debts in the amount of approximately £1,000,000 ($1,950,000).
This excerpt taken from the OEH 10-Q filed Aug 9, 2006.
14. Subsequent events
Pansea Hotels group acquisition
On July 6, 2006, OEH announced the acquisition of the Pansea Hotels group. See Note 3.
OEH share offering
On July 10, 2006, the Company entered into an underwriting agreement with Citigroup Global Markets Inc. as underwriter relating to the sale by the Company of 2,500,000 newly-issued class A common shares in an underwritten public offering pursuant to the Companys registration statement on Form S-3, registration No. 333-135673. Citigroup purchased the class A shares from the Company at a price per share of $39.76 (approximately $99,220,000 aggregate proceeds to the Company after deducting estimated offering expenses) for resale in the offering.
This excerpt taken from the OEH 10-K filed Mar 4, 2005.
17. Subsequent events (unaudited)
On February 10, 2005, OEH announced that it had acquired a 93.5% interest in, and full management and operational control of, the 301-room Grand Hotel Europe in St Petersburg, Russia. The total investment in this property over three years is expected to approximate $125,000,0000, including the total purchase price and subsequent refurbishment. Financing for the investment, in the amount of $65,000,000, was provided by the International Finance Corporation and a syndicate of banks.
On February 25, 2005, the Company filed a registration statement with the SEC for the public offering in the United States through underwriters of 4,000,000 newly-issued class A common shares of the Company. Net proceeds from the offering are estimated at $94,800,000 which OEH intends to use primarily for its general corporate purposes which may include funding capital expenditure at existing OEH properties, or purchase of additional properties, funding OEH's working capital needs, or reducing OEH debt.
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