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Hospitality Properties amends credit agreement

Hotel real estate investment trust Hospitality Properties Trust amended the credit agreement governing its $1.0 billion unsecured revolving credit facility and $400.0 million term loan to extend the maturity dates to July 15, 2022, and July 15, 2023, respectively.

The amended credit agreement includes a feature under which the maximum commitments and borrowings may be expanded to up to a combined amount of $2.3 billion.

In addition, the annual interest rate under the revolving credit facility was decreased to a rate equal to the London Interbank Offered Rate plus a premium of 100 basis points from a rate equal to LIBOR plus a premium of 110 basis points, while the annual interest rate under the term loan was reduced to LIBOR plus a premium of 110 basis points from LIBOR plus a premium of 120 basis points.

Wells Fargo Bank NA is the administrative agent.