Condor Hospitality gets commitments for $60 million revolver increase

By Angela McDaniels

Tacoma, Wash., April 24 – Condor Hospitality Trust, Inc. secured commitments from three lenders to increase its senior secured revolving credit facility to $150 million from $90 million, according to a company news release.

KeyBanc Capital Markets LLC, BMO Capital Markets Corp. and Huntington National Bank are the joint lead arrangers with KeyBank NA as administrative agent and Huntington and BMO as co-syndication agents.

The commitments provide for an up to $150 million revolver with an accordion feature that would allow the company to increase the size of the revolver to up to $400 million.

The revolver matures in 2020 and has two one-year extension options following additional capital achievements.

The company expects to close the increase before the end of the second quarter upon successful completion of diligence items and closing conditions including executed loan modification documents, compliance with financial covenants and other customary conditions.

“The increase to our credit facility will enable us to accelerate the closing of acquisitions, as illustrated by the three Home2 Suites we acquired late in the first quarter with financing under the facility,” chief financial officer Jonathan Gantt said in the news release.

Condor is a real estate investment trust based in Bethesda, Md., that invests in and owns hotels.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.