RLJ Lodging amends term loans to reduce interest, extend maturities

By Tali Rackner

Minneapolis, Jan. 31 – RLJ Lodging Trust amended three of its unsecured term loans totaling $775 million to reduce the weighted average interest rates and improve the company’s maturity profile, according to a press release.

The amended term loans consist of a $400 million unsecured term loan due March 2019, $225 million unsecured term loan due November 2019 and $150 million unsecured term loan due January 2022.

Under the amendments, the $400 million and $225 million term loans were each extended to Jan. 25, 2023 and their interest rates were reduced to Libor plus 145 basis points to 220 bps, according to an 8-K filing with the Securities and Exchange Commission.

Previously, the $400 million loan accrued interest at Libor plus 155 bps to 230 bps and the $225 million loan bore interest at Libor plus 205 bps to 300 bps.

Interest on the $150 million term loan was also reduced to Libor plus 145 bps to 220 bps.

RLJ Lodging is a Bethesda, Md.-based real estate investment trust focused on acquiring hotels.

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