Vivion - comment

M&G provided the £200m refinance loan to refinance the Ribbon CMBS, which we expect is sized and priced to allow the loan to port if Vivion chose to sell the underlying hotel assets. We do not believe this will be necessary for covenant issues, however, reducing the friction in any potential sale process is useful for Vivion.

 https://www.costar.com/article/755782454/mg-writes-£200-million-loan-for-vivions-uk-hotel-portfolio (subscription required)