JPMorgan, BofA Amend, Extend FelCor $225 Million Facility
FelCor Lodging Trust announced that it amended and restated its $225 million secured line of credit facility. Pricing and other terms of the amended facility were improved.
J.P. Morgan Securities and Merrill Lynch, Pierce, Fenner & Smith acted as joint lead arrangers and joint bookrunners. JPMorgan Chase continued to serve as administrative agent. Bank of America served as syndication agent.
The facility now matures in June 2017 (previously 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 4.5%).
The unused commitment fee decreased ten 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.