RLJ Lodging Trustrefinanced more than $1.0 billion of debt, including a $400.0 million unsecuredterm loan, a $400.0 million revolving credit facility and $233.5 million in securedloans.
Wells Fargo Bank NA provided $148.5 million of secured loans,and PNC Bank NA provided an $85.0 million secured loan.
The newly amended, five-year, $400.0 million unsecured term loanand the revolving credit facility reduced interest rates across the pricing gridby an average of 21 and 26 basis points, respectively, enhanced financial covenants,and extended final maturities to 2021, including applicable extensions. Additionally,the capacity on the revolving credit facility was increased to $400.0 million from$300.0 million.
The company also amended the three Wells Fargo loans securedby four properties to extend the final maturity to 2022, including extensions, andimprove pricing by 15 basis points. The company upsized the PNC loan, which is securedby five properties, to $85.0 million from $74.0 million, extended the maturity to2023 and improved pricing by 25 basis points.
Wells Fargo Securities LLC, PNC Capital Markets LLC, RegionsCapital Markets and U.S. Bank NA served as joint lead arrangers and joint book runnersfor the unsecured term loan.
Wells Fargo Securities LLC, Merrill Lynch Pierce Fenner &Smith Inc., Capital One NA and Compass Bank served as joint lead arrangers and jointbook runners for the revolving credit facility.