Chatham refinances $250 million revolver to cut pricing, extend

By Sarah Lizee

Olympia, Wash., March 9 – Chatham Lodging Trust refinanced its $250 million senior unsecured revolving credit facility, according to a press release.

The new revolver matures in March 2023 with a one-year extension option and replaces Chatham’s $250 million senior unsecured credit facility that was scheduled to mature in 2020.

Borrowing costs were reduced by 0 to 15 basis points from comparable leverage-based pricing levels in Chatham’s previous credit facility. At the company’s current leverage level, interest is Libor plus 165 bps.

Participating lenders include Barclays Bank plc, Regions Capital Markets, Citibank NA, US Bank NA, Wells Fargo Bank NA, Bank of America NA, Citizens Bank NA and BMO Harris Bank NA.

Barclays, Regions Capital Markets, US Bank and Citibank acted as joint lead arrangers. Barclays acted as administrative agent and Regions Capital Markets acted as syndication agent with US Bank and Citibank NA acting as co-documentation agents.

“This refinancing further solidifies our balance sheet with only $13.8 million of debt maturing between now and 2023, reduces our annual interest costs and provides us with capacity and flexibility to pursue accretive growth opportunities,” Dennis M. Craven, Chatham’s chief operating officer, said in the release.

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