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Extended Stay America units amend $1.3B credit agreement

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Extended Stay America units amend $1.3B credit agreement

Extended Stay America Inc.'s controlled subsidiary and its units amended an existing roughly $1.29 billion credit agreement to provide for new term loans with the same aggregate amount.

The new loans will have the same maturity date of Aug. 30, 2023, as the existing term loans.

The amended agreement also decreases the term loans' interest rate spreads on the London Interbank Offered Rate to 2.00% or 2.25% from 2.50%, and the alternate base rate to 1.00% or 1.25% from 1.50%, in each case depending on ESH Hospitality Inc.'s credit rating, among other changes.

Deutsche Bank AG New York Branch is the administrative agent and collateral agent.