FelCor Expands $400 Million Credit Facility
09 Junho 2015 - 9:37AM
Business Wire
FelCor Lodging Trust Incorporated (NYSE: FCH) today announced
that it has amended and restated its secured line of credit
facility to expand its borrowing capacity from $225 million to $400
million.
The term of the amended facility is five years and matures in
June 2020 (extended from July 2017), which includes an optional
one-year extension that is subject to certain conditions.
Borrowings bear interest at LIBOR (no floor) plus an applicable
margin ranging from 225 to 275 basis points (reduced from 337.5
basis points), depending on the company’s leverage. The facility is
secured by mortgages on seven hotels and permits partial release
and substitution of properties, subject to certain conditions.
At closing, FelCor repaid a $140 million secured term loan that
otherwise matured in 2017. As a result, FelCor now owns 19
unencumbered properties, an increase of 11 since the end of the
first quarter 2015.
J.P. Morgan Securities, LLC and Merrill Lynch, Pierce, Fenner
& Smith Incorporated acted as Joint Lead Arrangers and Joint
Bookrunners. JPMorgan Chase Bank, N.A., will continue to serve as
Administrative Agent. Bank of America, N.A. served as Syndication
Agent.
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. FelCor partners with leading
hotel companies to operate its hotels, which are flagged under
globally renowned brands and premier independent hotels. Additional
information can be found on the Company’s website at
www.felcor.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20150609005703/en/
FelCor Lodging Trust IncorporatedStephen A. Schafer,
972-444-4912Senior Vice Presidentsschafer@felcor.com
Felcor Lodging (NYSE:FCH)
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