Full-service hotel-focused Chesapeake Lodging Trust amended an existing revolving credit facility to extend the maturity and lower the applicable interest rate spread over the London Interbank Offered Rate.
The up to $300 million revolver, which may be increased to up to $450.0 million, will now expire in May 2022, with a one-year extension option. Its interest spread over LIBOR was reduced to LIBOR plus 1.45% to 2.20%.
The revolving credit facility is led by administrative agent Wells Fargo Bank NA, syndication agent JPMorgan Chase Bank NA and documentation agents Deutsche Bank Securities Inc., PNC Bank NA and Regions Bank.
