Chatham Lodging refinances credit facility, adds term loan

Chicago, Nov. 1 – Chatham Lodging Trust refinanced its credit facility on Oct. 28, a transaction that included adding a term loan, according to an 8-K filing with the Securities and Exchange Commission.

Chatham Lodging LP is listed as the borrower.

Barclays is the administrative agent.

The amended and restated credit facility provides for a $215 million revolver, and the new term loan is $90 million. The $305 million facility replaces a previous $250 million credit facility.

The term loan funds are available to be drawn for six months, and the company intends to use the full amount to repay secured debt.

Both facilities mature Oct. 28, 2027.

Interest on the revolver is SOFR plus 150 basis points to 225 bps. Based on the available revolving credit commitments, the commitment fee will either be 20 bps or 30 bps.

Interest on the term loan is SOFR plus 145 bps to 220 bps.

There is a $145 million accordion feature.

For the amended and restated revolver, Barclays, Capital One, NA, Regions Capital Markets and Wells Fargo Bank NA acted as joint lead arrangers and joint bookrunners with Bank of America NA participating as a lender.

For the term loan, Regions and Capital One were joint lead arrangers and bookrunners. Stifel Bank and Trust participated as a lender.

Chatham Lodging Trust is a West Palm Beach, Fla.-based real estate investment trust that invests in upscale extended-stay hotels and premium-branded select-service hotels.

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