Braemar Hotels & Resorts has entered into a new $75 million secured credit facility which replaces the company’s previous credit facility that was scheduled to mature next month.
The new credit facility provides for a three-year revolving line of credit and bears interest at a range of 2.25% – 3.50% over LIBOR, depending on the leverage level of the Company. There are two, one-year extension options subject to the satisfaction of certain conditions. The new credit facility includes the opportunity to expand the borrowing capacity by up to $175 million to an aggregate size of $250 million.
Since the company had a zero balance on the previous credit line, no cash was utilized to pay it down upon termination.
BofA Securities acted as the sole lead arranger & sole bookrunner, and Bank of America, served as the administrative agent. Other participating lenders include KeyBank and Morgan Stanley.
Braemar Hotels & Resorts is a real estate investment trust focused on investing in luxury hotels and resorts.
