LaSalle Hotel Properties Closes on $300.0 Million Term Loan
LaSalle Hotel Properties (NYSE: LHO) today announced that it has closed on its new $300.0 million term loan. The five-year term loan matures on August 2, 2017, including a one-year extension subject to certain conditions. The term loan was swapped to a fixed interest rate for the full five-year term. The term loan's interest rate will be 2.68 percent when the Company's leverage ratio (as defined by the term loan) is between 4.0 and 4.75 times. Citigroup Global Markets Inc. acted as Lead Arranger and Book Running Manager. BBVA Compass and US Bank were Co-Syndication Agents. PNC Bank, N.A. and Wells Fargo Bank were Co-Documentation Agents.
$200.0 million of term loan proceeds were funded at closing. The Company has the flexibility to draw the remaining $100.0 million of proceeds anytime during the next 95 days and expects to draw these funds toward the end of the 95-day period.
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