Equity Inns Closes On $73.5M Senior Debt Offering
GERMANTOWN, TN, November 22, 2005. Equity Inns, Inc. has completed a $73.5-million senior mortgage debt offering in which it used seven of its hotels as collateral for the loan.
The 10-year loan has a fixed annual interest rate of 5.44%. Equity Inns used the net proceeds from the debt offering to pay off existing variable rate long-term debt and to pay down its line of credit. Furthermore, the REIT has now increased the fixed rate portion of its debt balance sheet up to 97%.
GE Real Estate acted as the sole underwriter in the financing transaction
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