Xenia draws down remaining $340 million of revolver availability

By Wendy Van Sickle

Columbus, Ohio, March 17 – Xenia Hotels & Resorts, Inc. drew down the remaining $340 million of availability under its $500 million revolving credit facility on March 12 as a precautionary measure to increase its cash position and preserve financial flexibility in light of the Covid-19 outbreak, according to an 8-K filing with the Securities and Exchange Commission.

The current interest rate for borrowings under the revolver is 2.25%.

The proceeds from the additional borrowings are being held on the company’s balance sheet and may be used for working capital, general corporate purposes and other permitted uses.

The revolver matures on Feb. 28, 2022.

Xenia Hotels & Resorts is an Orlando-based REIT that invests in hotels.

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