Bank of America provided a new $35 million senior revolving credit facility to Ashford, a global asset and investment management firm.
The credit facility provides a three-year revolving line of credit and bears interest at a range of 3.0% to 3.50% over LIBOR, depending on the leverage level of the company. There is a one-year extension option subject to the satisfaction of certain conditions. The new facility also includes the opportunity to expand the borrowing capacity by up to $40 million to an aggregate size of $75 million.
“We are pleased to enter into this new corporate credit facility, which provides us with enhanced financial flexibility and will be beneficial as we execute our growth strategy going forward,” said Monty J. Bennett, Ashford’s chairman and CEO.
