Chatham Lodging Trust Closes Line of Credit

Chatham Lodging Trust

today announced that it successfully closed on its $85 million revolving secured line of credit. The credit facility carries a three-year term and an interest rate of LIBOR plus a margin based on the company's leverage ratio; at levels less than 30 percent the margin is 325 basis points, subject to a LIBOR floor of 1.25 percent. Subject to certain conditions, the line of credit has an accordion feature that provides the company with the ability to increase the facility to $110 million. Participating lenders for the secured line of credit include Barclays Capital, Regions Capital Markets, Credit Agricole Corporate and Investment Bank, UBS Securities and US Bank National Association. Barclays Capital and Regions Capital Markets acted as joint lead arrangers, Barclays Bank PLC as administrative agent, Regions Bank as syndication agent, with Credit Agricole Corporate and Investment Bank, UBS Securities and US Bank National Association acting as co-documentation agents.