Hospitality Properties Trust Enters New $750M Bank Facility
Hospitality Properties Trust (NYSE: HPT) today announced that it has entered into a new $750 million unsecured revolving credit facility. The new facility replaces HPT's previous $750 million unsecured revolving credit facility which had a maturity date of October 24, 2011. The maturity date of the new facility is September 8, 2015, and includes a borrower's option to extend the facility for one year to September 8, 2016. Interest paid on drawings under the new facility is set at LIBOR plus 130 basis points, subject to adjustments based on changes to HPT's credit ratings. The new facility also includes a feature under which the maximum borrowing may be increased to up to $1.5 billion in certain circumstances.
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