Thunderbird Resorts Inc.: Completion of Peru Debt Restructuring, Update on Group-Related Debt, May 2012 Revenue Report
(firmenpresse) - PANAMA, REPUBLIC OF PANAMA -- (Marketwire) -- 06/19/12 -- Thunderbird Resorts Inc. ("Thunderbird" or "Group") (FRANKFURT: 4TR)(EURONEXT: TBIRD) reports the following:
PERU DEBT RESTRUCTURING SUCCESSFULLY COMPLETED
On December 29, 2011, the Group announced that it began to restructure its Peru-related debt of approximately $47.5 million. The Group has provided further disclosures on the status of Peru-related debt restructurings within its 2011 Annual Report, in a release published on May 6, 2012 and in our Q1 2012 Interim Management Statement.
The Group is pleased to announce that it has now completed its Peru-related debt restructuring by entering into a US dollar secured loan with a prominent Peruvian bank. This new senior loan amortizes over 10 years, matures in 7 years at an interest rate of 8.5%. The Group has used the new senior debt to repay its higher cost, faster amortizing debt.
By completing the restructuring, the Group has now successfully reduced Peru-related debt from approximately $47.5 million in November 2011 to approximately $34.3 million.
GROUP DEBT FURTHER REDUCED
The Group announced in its Q1 2012 Interim Management Report that it's Gross Debt1 was $75.8 million. The Group now reports that it's Gross Debt effective June 2012 is approximately $65.2 million, a reduction of over $10 million since Q1. The Group has now reduced its Gross Debt by over $100 million in the last 30 months.
In its 2011 Audited Financials, the Group reported $11.5 million of Finance Costs for 2011. Because of both Peru-related and Group debt restructurings, Management believes that Finance Costs should be less than $7 million from Q3 2012 on an annualized run rate. This is a positive P&L impact of over $4.5 million as compared to 2011 (excluding FOREX gain or loss).
(1) "Gross Debt" is defined as the aggregate of borrowings, obligations under leases and hire purchase contracts, and derivative financial instruments associated with the Group's continuing, discontinued and held for sale segments.
MAY 2012 REVENUE REPORT
The Group reports the following May 2012 revenues. Please visit and click on "May 2012 Revenue Report - Analysis" for more analysis.
ABOUT THE COMPANY
We are an international provider of branded casino and hospitality services, focused on markets in Asia and Latin America. Our mission is to "create extraordinary experiences for our guests." Additional information about the Group is available at .
Cautionary Notice: This release contains certain forward-looking statements within the meaning of the securities laws and regulations of various international, federal, and state jurisdictions. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential revenue and future plans and objectives of the Group are forward-looking statements that involve risk and uncertainties. There can be no assurances that such statements will prove to be accurate and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Group's forward-looking statements include competitive pressures, unfavorable changes in regulatory structures, and general risks associated with business, all of which are disclosed under the heading "Risk Factors" and elsewhere in the Group's documents filed from time-to-time with the AFM and other regulatory authorities.
Contacts:
Thunderbird Resorts Inc.
Peter LeSar
Chief Financial Officer
(507) 223-1234
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Datum: 19.06.2012 - 22:54 Uhr
Sprache: Deutsch
News-ID 158023
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PANAMA, REPUBLIC OF PANAMA
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Recreation
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