Other DebtActive
11% Senior Secured Notes due 2031
MRNO-Sep31
$0.35▲ 4.89%
BTC Holdings
0 BTC
Total Debt
$300.00M
Outstanding
$300.00M
Issue date
2024-09-12
Principal
$300.00M
Coupon
11.00%
Maturity
2031-09-12
Conversion price
—
- Issued through Fideicomiso 4323 (Mexican trust)
- 2% PIK interest capitalized first three years (13% total effective rate years 1-3)
- Defaulted on coupon payment Sep 2025; restructuring agreement in principle reached Mar 2026 with 81%+ noteholders
Terms & Documentation
Terms
- BTC strategy
- No
- Ranking
- Senior secured
- Payment frequency
- Semi-annual
- Payment dates
- Mar 12, Sep 12
- Rate type
- Fixed
- Collateral
- Collection rights from Grand Island Cancun hotel (GIC I Hotel); guaranteed by Murano PV, Operadora Hotelera G.I., Murano 2000 Trust, Murano 3224 Trust
- Covenants
- Restrictions on consolidation/merger, incurrence of liens, and sale and leaseback transactions
Outstanding History
Outstanding history(2)
| As of | Event | Outstanding |
|---|---|---|
| 2025-12-31 | — | $300.00M Payment default Sep 12, 2025; restructuring negotiations ongoing |
| 2024-09-12 | Issuance | $300.00M |
- 2025-12-31 — $300,000,000Note 2(b) — Significant Transactions (2025)
- 2024-09-12 — $300,000,000