Chatham Lodging Trust Refinances Unsecured Credit Facility, Reduces Interest Costs and Pushes Maturity to 2023
March 09 2018 - 8:45AM
Business Wire
Chatham Lodging Trust (NYSE: CLDT), a hotel real estate
investment trust (REIT) focused on investing in upscale
extended-stay hotels and premium branded, select-service hotels,
today announced that it successfully refinanced its $250 million
senior unsecured revolving credit facility.
The new unsecured revolving credit facility will mature in March
2023, which includes the option to extend the maturity by an
additional year, and replaces Chatham’s previous $250 million
senior unsecured credit facility that was scheduled to mature in
2020. Borrowing costs have been reduced by 0 to 15 basis points
from comparable leverage-based pricing levels in Chatham’s previous
credit facility. At Chatham’s current leverage level, the borrowing
cost under the new facility is LIBOR plus 1.65 percent.
Participating lenders for the unsecured line of credit include
Barclays Bank PLC, Regions Capital Markets, Citibank N.A., US Bank
National Association, Wells Fargo Bank National Association, Bank
of America N.A., Citizens Bank N.A. and BMO Harris Bank N.A.
Barclays Bank PLC, Regions Capital Markets, US Bank National
Association and Citibank N.A. acted as joint lead arrangers.
Barclays Bank PLC acted as administrative agent, and Regions
Capital Markets acted as syndication agent with US Bank National
Association and Citibank N.A. 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,” said Dennis M. Craven,
Chatham’s chief operating officer.
About Chatham Lodging Trust
Chatham Lodging Trust is a self-advised, publicly-traded real
estate investment trust focused primarily on investing in upscale
extended-stay hotels and premium-branded, select-service hotels.
The company owns interests in 135 hotels totaling 18,516
rooms/suites, comprised of 40 properties it wholly owns with an
aggregate of 6,018 rooms/suites in 15 states and the District of
Columbia and a minority investment in two joint ventures that own
95 hotels with an aggregate of 12,498 rooms/suites. Additional
information about Chatham may be found at
chathamlodgingtrust.com.
This press release may contain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995 about Chatham Lodging Trust, including those statements
regarding acquisitions, capital expenditures, future operating
results and the timing and composition of revenues, among others,
and statements containing words such as “expects,” “believes” or
“will,” which indicate that those statements are forward-looking.
Except for historical information, the matters discussed in this
press release are forward-looking statements that are subject to
certain risks and uncertainties that could cause the actual results
or performance to differ materially from those discussed in such
statements. Additional risks are discussed in the company’s filings
with the Securities and Exchange Commission.
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Chatham Lodging TrustDennis Craven, 561-227-1386dcraven@cl-trust.com
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