FelCor Completes $225M Credit Facility
FelCor Lodging Trust Incorporated (NYSE: FCH) today announced that it amended and restated its $225 million secured line of credit facility. Pricing and other terms of the amended facility have been improved significantly.
The facility now matures in June 2017 (extended from August 2015), inclusive of a one-year extension option, subject to satisfaction of certain conditions. Borrowings under the facility bear interest at LIBOR (no floor) plus 3.375% (reduced from LIBOR plus 4.50%). The unused commitment fee decreased 10 basis points. The facility is secured by mortgages and related security interests on eight hotels and includes rights for partial release and substitution of properties, subject to certain conditions.
J.P. Morgan Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as Joint Lead Arrangers and Joint Bookrunners. JPMorgan Chase Bank, N.A., will continue to serve as Administrative Agent. Bank of America, N.A. served as Syndication Agent.
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