DLA Piper has advised on the €750 million re-financing of NH Hoteles, a large Spanish hotel group, and one of the top 25 hotel chains in the world.

NH Hoteles is one of the largest hotel chains in Europe, and operates almost 400 hotels with around 60,000 rooms in 26 countries across Europe, America and Africa.

The transaction was structured by means of several instruments including a €200 million Club Deal, €250 million High Yield Bonds, and €250 million Convertible Bonds, and involved 19 jurisdictions. DLA Piper acted as legal advisor for a syndicate of lenders under the Club Deal including Barclays, Deutsche Bank, BNP Paribas, Banco Santander, BBVA, Banco Espirito Santo, Banco Sabadell and Bankia.

The transaction was led by the Finance & Projects team in the firm's Madrid office working closely with DLA Piper offices in Belgium, the Netherlands, Germany, Austria, Mexico, Poland, Czech Republic, Romania, Venezuela and France, and with relationship firms in Argentina, Luxembourg, Portugal, Switzerland, Uruguay, Chile, Colombia and the Dominican Republic. The Madrid, Amsterdam and Brussels offices also acted on the creation of the security package for the High Yield Bonds.

This complex deal implementing three different instruments at the same time was closed on an incredibly tight timeline.

The DLA Piper team was led by Jesús Zapata (partner) with Nerea Cemlyn-Jones (legal director); Ignacio Chacón (senior associate); José Marco (senior associate); Juan Manuel Bethencourt (associate) and Carmen Fernández-Ladreda (associate).