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Chatham Lodging Trust refinances, upsizes unsecured credit facility

Chatham Lodging Trust has entered into a new credit agreement that increases total capacity under a senior unsecured revolving loan from $260 million to $300 million and increases total capacity under its senior unsecured term loan from $140 million to $200 million. The newly enhanced $500 million credit facility can be increased up to $650 million through an accordion feature.
The $500 million credit facility matures in September 2029. The facility also includes options to extend the maturity by 12 months, subject to customary conditions. The new facility bears interest pursuant to a leveraged based pricing grid over the applicable adjusted term SOFR ranging from 1.5% to 2.25% for the revolving loan (currently 1.6%) and 1.45% to 2.2% for the term loan (which represents a 0.1% decrease from the prior facility).
“We greatly appreciate the collaborative efforts of our participating lenders who worked with us to successfully execute the facility, a testament to our outstanding financial position and ability to access credit markets with terms similar to our larger lodging REIT peers,” said Jeremy Wegner, CFO, Chatham. “We have great financial flexibility to enhance shareholder value using a variety of options.”
Bank of America Securities Inc., Wells Fargo Securities LLC, Capital One, National Association, Regions Capital Markets and Truist Securities Inc. acted as joint lead arrangers, and JPMorgan Chase Bank N.A. and Royal Bank of Canada also served as lenders in the transaction.
The post Chatham Lodging Trust refinances, upsizes unsecured credit facility appeared first on hotelbusiness.com.
Source: hotelbusiness.com

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