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RLJ Lodging raises revolving loan commitments to $600M under amended facility

RLJ Lodging Trust amended its existing credit facility, raising the revolving loan commitments under it to $600 million from $400 million.

The full-service hotel real estate investment trust serves as guarantor for the facility, signed April 22, 2016, between its operating partnership RLJ Lodging Trust LP, administrative agent and lender Wells Fargo Bank National Association, as well as other lenders.

Under the amendment, the partnership may further increase revolving loan commitments to $750 million, following the fulfillment of certain conditions, including obtaining commitments from any one or more lenders to extend the additional amount.

RLJ also revised its term loan agreement, dated Nov. 20, 2012, with the same lenders. Following the amendments, the maximum permitted leverage ratio is increased to 7.00:1.00.

The revisions facilitate the completion of its merger transactions and allow FelCor Lodging LP's indebtedness under secured and unsecured indentures to remain outstanding after the merger's closing.