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Carey Watermark unit shaves credit facility to $35M

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Carey Watermark unit shaves credit facility to $35M

Carey WatermarkInvestors Inc.'s CWI OP LP amended its existing senior unsecured revolvingcredit facility undera deal signed March 31 with a group of lenders.

The company, which serves as guarantor, said in an April 5 filingthat the amended facility decreases the borrowing capacity to $35.0 million from$50.0 million, among other changes.

Loans under the facility will continue to bear interest at arate equal to LIBOR plus 2.75%, or LIBOR plus 3.25% if the company's leverage ratiois greater than 65%, according to the filing.

Wells Fargo Bank NA was the administrative agent for the amendedfacility.