Chatham Lodging Trust Closes Secured Line of Credit
October 13, 2010 - Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium branded select-service hotels, today announced that it successfully closed on its $85 million revolving secured line of credit. The credit facility carries a three-year term and an interest rate of LIBOR plus a margin based on the company's leverage ratio; at levels less than 30 percent the margin is 325 basis points, subject to a LIBOR floor of 1.25 percent. Subject to certain conditions, the line of credit has an accordion feature that provides the company with the ability to increase the facility to $110 million.
Participating lenders for the secured line of credit include Barclays Capital, Regions Capital Markets, Credit Agricole Corporate and Investment Bank, UBS Securities and US Bank National Association. Barclays Capital and Regions Capital Markets acted as joint lead arrangers, Barclays Bank PLC as administrative agent, Regions Bank as syndication agent, with Credit Agricole Corporate and Investment Bank, UBS Securities and US Bank National Association acting as co-documentation agents.
“We have an active acquisition pipeline and this credit facility provides us added flexibility to continue to selectively acquire hotels,” said Dennis M. Craven, Chatham's chief financial officer. “We appreciate the support of our lenders as we continue to build Chatham into a premier owner of upscale extended-stay and premium branded select-service hotels.”
About Chatham Lodging Trust
Chatham Lodging Trust is a self-advised real estate investment trust that was organized to invest in upscale extended-stay hotels and premium-branded select-service hotels. The company currently owns 12 hotels with an aggregate of 1,505 rooms/suites in eight states and has one additional hotel under contract to purchase. Additional information about Chatham may be found at www.chathamlodgingtrust.com.
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