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Chatham Lodging Trust Increases Credit Facility with RBC Commitment
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Chatham Lodging Trust (NYSE: CLDT) announced an increase of $45 million in its senior unsecured revolving credit facility with Royal Bank of Canada. This raises the total to $260 million, complemented by a $90 million term loan, totaling $350 million to replace its previous $250 million facility maturing in 2023. The new agreements extend to October 2027 and provide Chatham flexibility for managing maturing debt and pursuing hotel acquisitions. There are currently no outstanding borrowings on these facilities.
Positive
Increased credit facility by $45 million, providing greater financial flexibility.
Total commitments now amount to $350 million, enhancing liquidity for acquisitions.
New agreements extend maturity to October 2027, improving long-term financial management.
Negative
None.
WEST PALM BEACH, Fla.--(BUSINESS WIRE)--
Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium branded, select-service hotels, today announced that it has increased commitments under its senior unsecured revolving credit facility by $45 million with the addition of Royal Bank of Canada as a top tier lender.
With this incremental commitment, Chatham’s unsecured revolving credit facility increases to $260 million. Combined with its new $90 million term loan, Chatham received commitments of $350 million that replace Chatham’s previous $250 million senior unsecured credit facility that was scheduled to mature in 2023. Inclusive of extension options, the revolving credit facility and term loan mature in October 2027. Chatham has up to six months to borrow funds under the unsecured term loan and intends to fully draw the $90 million within that time frame to repay maturing secured debt. There are currently no borrowings outstanding on either facility.
“We are excited to add another great financial institution to our outstanding group of participating lenders, further solidifying our financial position for the next five years and providing even more flexibility to manage our maturing debt over the next couple of years and capacity to acquire hotels,” highlighted Jeremy Wegner, Chatham’s chief financial officer.
About Chatham Lodging Trust
Chatham Lodging Trust is a self-advised, publicly traded real estate investment trust focused primarily on investing in upscale extended-stay hotels and premium-branded, select-service hotels. The company owns 39 hotels totaling 5,914 rooms/suites in 16 states and the District of Columbia. Additional information about Chatham may be found at chathamlodgingtrust.com.
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 about Chatham Lodging Trust, including those statements regarding acquisitions, capital expenditures, future operating results and the timing and composition of revenues, among others, and statements containing words such as “expects,” “believes” or “will,” which indicate that those statements are forward-looking. Except for historical information, the matters discussed in this press release are forward-looking statements that are subject to certain risks and uncertainties that could cause the actual results or performance to differ materially from those discussed in such statements. Additional risks are discussed in the company’s filings with the Securities and Exchange Commission.
