InterContinental Hotels Group on Monday said occupancy levels at open hotels are currently in the low to mid 20% range. While only 12 of its 470 hotels in Greater China are closed, about half in Europe, Middle East, Asia and Africa are shut and about 10% in the U.S. are currently closed. First-quarter global revenue per available room fell about 25%, including a 55% drop in March. It's also amended its syndicated revolving credit facility to include a waiver of existing covenants until Dec. 31, and has issued £600 million in commercial paper using a Bank of England facility. It has access to $1.35 billion of cash on deposit, and existing bank facilities are currently $660 million undrawn.
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