Huazhu group announces leverage covenant waiver for existing syndication loan

Huazhu group limited announces leverage covenant waiver for existing syndication loan and preliminary results for hotel operations in q1 of 2020.excluding addition of dh, net revenues for q1 2020 are expected to decline 45% to 47% year-over-year.including revenue contribution from dh, net revenues for q1 2020 are expected to decline 14% to 16% year-over-year.accelerating new hotel openings, signings of new franchisees to help co keep on track toward co's 2020 growth target.number of co's temporarily closed hotels declined from peak of 2,310 hotels in mid-february down to 369 hotels as of march 31.on april 17, syndication banks approved to release huazhu from original six-month-tested financial covenants for a period up to june 30, 2021.3-year syndication loan consists of usd500 mln and eur440 mln, due in december 2022.
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