NexPoint Hospitality Trust unit NHT Operating Partnership LLC entered into a debt commitment letter with KeyBank NA for a roughly US$181.3 million senior secured term loan facility to fund a portion of NexPoint's merger of Condor Hospitality Trust Inc.
The bank's commitment to provide the loan facility expires Nov. 15 and may be extended to Jan. 8, 2020, subject to NHT Operating Partnership LLC continuing to satisfy all conditions and payment of a fee equal to 0.15% of the commitment amount.
Bethesda, Md.-based Condor will convene its shareholders at a special meeting Sept. 23 to vote on the roughly US$318 million merger with Toronto-based NexPoint.
