FelCor Closes $140 Million Term Loan
24 Julho 2014 - 5:05PM
Business Wire
Proceeds Will Be Used to Redeem Its 10%
Senior Secured Notes
FelCor Lodging Trust Incorporated (NYSE: FCH) today announced
that it closed a $140 million term loan. Borrowings under the
facility bear interest at LIBOR (no floor) plus 2.5%. The loan
matures in 2017 (may be extended for up to two years, based on
satisfaction of certain conditions) and is freely pre-payable. The
loan is secured by three properties.
FelCor expects to use proceeds from the term loan, cash on hand
and its line of credit to redeem its remaining $234 million of 10%
senior secured notes in August 2014. FelCor will thereafter use
proceeds from pending and future asset sales to repay debt and
complete its balance sheet restructuring.
"We continue to improve our balance sheet significantly by
enhancing our maturity profile, lowering our cost of debt and
reducing leverage. After redeeming our 10% notes, our weighted
average cost of borrowing will be below 6%, and our next
significant debt maturity, other than the line of credit, occurs in
2019. Furthermore, we remain on track to achieve our target
leverage in 2015," said Richard A. Smith, President and Chief
Executive Officer.
About FelCor
FelCor, a real estate investment trust, owns a diversified
portfolio of primarily upper-upscale and luxury hotels that are
located in major and resort markets throughout the U.S. FelCor
partners with leading hotel companies to operate its hotels, which
are flagged under globally renowned names and premier independent
hotels. Additional information can be found on the Company's
website at www.felcor.com.
With the exception of historical information, the matters
discussed in this news release include “forward-looking statements”
within the meaning of the federal securities laws that are
qualified by cautionary statements herein and in FelCor’s filings
with the Securities and Exchange Commission. We undertake no
obligation to update any forward-looking statement to conform the
statement to actual results or changes in our expectations.
FelCor Lodging Trust IncorporatedStephen A. Schafer,
972-444-4912Vice President Strategic Planning & Investor
Relationssschafer@felcor.com
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