Condor Hospitality Announces Modification to Its Loan Facility
November 19 2020 - 9:15AM
Business Wire
Condor Hospitality Trust, Inc. (NYSE American: CDOR) (the
“Company”), has filed a Form 8-K on
November 19, 2020 with the Securities and Exchange Commission on
the closing of a modification to its loan facility led by KeyBank
with participants Bank of Montreal and Huntington National Bank.
The Company has also made available a November Investor
Presentation on the Condor Hospitality Trust website providing a
brief description of the transaction with additional supplemental
information to the October Investor Presentation and the October
Supplemental Presentation.
J. William Blackham, President and CEO stated, “Condor has
completed a significant modification to the existing bank facility
that provides a number of favorable terms such as an extended
maturity date, the further delay of financial covenants compliance,
the easing of financial covenants and ramping up over time once
applicable, and the availability of additional capital to Condor
among other favorable changes.” “Closing simultaneously with the
modification agreement was a new bridge loan providing proceeds
used entirely for the reduction of the bank facility with potential
future conversion of the bridge loan balance into Condor common
stock.” “The November Investor Presentation provides a summary
description of each transaction as well as potential positive
liquidity financial implications of the loan facility
modification.”
About Condor Hospitality Trust, Inc.
Condor Hospitality Trust, Inc. (NYSE American: CDOR) is a
self-administered real estate investment trust that specializes in
the investment and ownership of upper midscale and upscale,
premium-branded, select-service, extended-stay, and limited-service
hotels in the top 100 Metropolitan Statistical Areas (“MSAs”) with a particular focus on the top 20 to 60
MSAs. The Company currently owns 15 hotels in 8 states. Condor’s
hotels are franchised by a number of the industry’s most
well-regarded brand families including Hilton, Marriott, and
InterContinental Hotels.
Forward-Looking Statement
This news release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements include all statements that are
not historical facts, and in some cases, can be identified by the
use of forward-looking terminology such as “may”, “will”, “expect”,
“intend”, “anticipate”, “estimate”, “believe”, “continue”,
“project”, “plan”, the negative version of these words or other
similar expressions. Readers are cautioned not to place undue
reliance on any such forward-looking statements.
All forward-looking statements speak only as of the date hereof
and are based on current expectations and involve a number of
assumptions, risks and uncertainties that could cause the actual
results to differ materially from such forward-looking statements.
They are not guarantees of future performance and involve risks and
uncertainties that are difficult to control or predict. Factors
which could have a material adverse effect on our operations and
future prospects include, but are not limited to, changes in
economic conditions generally and the real estate market
specifically, legislative/regulatory changes (including changes to
laws governing the taxation of real estate investment trusts),
availability of capital, risks associated with debt financing,
interest rates, competition, supply and demand for hotel rooms in
our current and proposed market areas, policies and guidelines
applicable to real estate investment trusts, risks related to
uncertainty and disruption in global economic markets as a result
of COVID-19 (commonly referred to as the coronavirus), and other
risks and uncertainties described herein, and in our filings with
the SEC from time to time. These risks and uncertainties should be
considered in evaluating any forward-looking statements.
The forward-looking statements represent Condor’s views as of
the date on which such statements were made. Condor anticipates
that subsequent events and developments may cause those views to
change. These forward-looking statements should not be relied upon
as representing Condor’s views as of any date subsequent to the
date hereof. Condor expressly disclaims a duty to provide updates
to forward-looking statements, whether as a result of new
information, future events or other occurrences.
Additional factors that may affect the Company’s business or
financial results are described in the risk factors included in the
Company’s filings with the SEC, including its Annual Report on Form
10-K for the fiscal year ended December 31, 2019, and subsequent
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
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Jill Burger Interim Chief Financial Officer and Chief Accounting
Officer jburger@trustcondor.com (402) 316-1012
Condor Hospitality (AMEX:CDOR)
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