Participating lenders for the secured line of credit include Barclays Capital, Regions Capital Markets, US Bank National Association, Credit Agricole Corporate and Investment Bank and UBS Securities.
PALM BEACH, FLA. – Chatham Lodging Trust, a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium branded select-service hotels, announced that it successfully closed on an amendment to its revolving credit facility.
On December 11, 2013, the company completed the amendment. The company currently has $49 million outstanding on its credit facility. The amendment extends the maturity date to October, 2016, and includes an option to extend the maturity by an additional year. Other key terms amended were as follows:
|
|
Previous Terms |
Amended Terms |
|
Facility amount |
$105 million |
$175 million |
|
Accordion feature |
Additional $10 million |
Additional $50 million |
|
Security |
Fully Secured |
Borrowing base additions are unsecured |
Participating lenders for the secured line of credit include Barclays Capital, Regions Capital Markets, US Bank National Association, Credit Agricole Corporate and Investment Bank and UBS Securities. Barclays Capital and Regions Capital Markets acted as joint lead arrangers, Barclays Bank PLC as administrative agent, Regions Bank as syndication agent, with Credit Agricole Corporate and Investment Bank, UBS Securities and US Bank National Association acting as co-documentation agents.
“We have acquired approximately $260 million of high quality hotels since last December, we have an active acquisition pipeline, and we will continue to use our balance sheet to make accretive, value-enhancing acquisitions,” said Dennis M. Craven, Chatham’s chief financial officer. “As Chatham evolves into a premier owner of upscale extended-stay and premium-branded, select-service hotels, we appreciate the support of our lenders and their participation across multiple levels of our treasury function and capital stack.”
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