Pebblebrook Hotel Trust amended and restated its $450 million senior unsecured revolving credit facility and four term loans totaling $675 million, reducing the pricing on the credit facility and term loans and improving the overall terms and covenants for the company.
The revolver's interest rate is now based on a pricing grid with a range of 145 to 225 basis points over the London Interbank Offered Rate as determined by the company's leverage ratio. The interest rate for the four unsecured term loans is now also based on a similar pricing grid which ranges from 140 to 260 basis points over LIBOR.
The term loans comprise a $300 million loan maturing in 2023, a $200 million loan maturing in 2021, a $110 million loan maturing in 2024 and a $65 million loan maturing in 2022. The $110 million loan and $65 million loan represent two tranches that were split from the company's previous $175 million term loan.
The revolving facility, which matures in 2023, is jointly led by Bank of America Merrill Lynch and US Bank NA. Bank of America NA is the administrative agent, US Bank is the syndication agent and Raymond James Bank NA, Regions Bank and Wells Fargo Bank NA serve as documentation agents.
Other participants in the revolving facility are Citigroup Global Markets Inc., PNC Bank NA, Capital One NA, Branch Banking & Trust Co., Sumitomo Mitsui Banking Corp. and TD Bank NA.
These banks, in addition to PNC Capital Markets LLC, Regions Capital Markets and TD Securities (USA) LLC, participated in various capacities in the term loans.