LaSalle Hotel Properties Completes New $555 Million Term Loan
November 09 2015 - 4:05PM
Business Wire
LaSalle Hotel Properties (NYSE: LHO) today announced that is has
successfully closed on a new $555 million senior unsecured term
loan, which matures in January 2021. At closing, the Company
concurrently paid off its $177.5 million senior unsecured term
loan. The Company used the remaining net proceeds to pay off the
majority of the balance on its $750 million senior unsecured credit
facility. As of November 9, 2015, the Company had $26.0 million
outstanding on its senior unsecured credit facility.
The interest rate for the new term loan is based on a pricing
grid with a range of 145 to 220 basis points over LIBOR, based on
the Company’s leverage ratio. The interest rate is currently LIBOR
plus 145 basis points. The new term loan was swapped to an average
all-in fixed interest rate of 2.95 percent as follows:
Swap Amount
Fixed LIBOR Spread
All-In Rate Swap Start
Date Swap End Date Existing
swap $177,500,000 157 bps
145 bps 3.02%
May 2012 May 2019 New
swap $377,500,000 147 bps
145 bps 2.92%
November 2015 January 2021
Total $555,000,000
150 bps 145 bps
2.95%
The term loan was arranged by Citigroup Global Markets Inc., BMO
Capital Markets and U.S. Bank National Association as Joint Lead
Arrangers and Joint Book Running Managers.
LaSalle Hotel Properties is a leading multi-operator real estate
investment trust. The Company owns 47 hotels and a mezzanine loan
secured by two hotels in Santa Monica, California. The properties
are upscale, full-service hotels, totaling more than 12,000 guest
rooms in 14 markets in 10 states and the District of Columbia. The
Company focuses on owning, redeveloping and repositioning upscale,
full-service hotels located in urban, resort and convention
markets. LaSalle Hotel Properties seeks to grow through strategic
relationships with premier lodging companies, including Westin
Hotels and Resorts, Hilton Hotels Corporation, Outrigger Lodging
Services, Noble House Hotels & Resorts, Hyatt Hotels
Corporation, Benchmark Hospitality, White Lodging Services
Corporation, Commune Hotels and Resorts, Davidson Hotel Company,
the Kimpton Hotel & Restaurant Group, LLC, Accor, Destination
Hotels & Resorts, HEI Hotels & Resorts, JRK Hotel Group,
Inc., Viceroy Hotel Group, Highgate Hotels and Access Hotels &
Resorts.
For additional information or to receive press
releases via e-mail, please visit our website at
www.lasallehotels.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20151109006310/en/
LaSalle Hotel PropertiesBruce A. Riggins or Max D. Leinweber,
301-941-1500
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