RLJ issues $500M 4% secured notes due 2029 to refinance 6% FelCor notes; amends credit facilities

RLJ Lodging Trust

Issued $500M 4.000% Senior Secured Notes due 2029; proceeds to redeem FelCor's 6.00% senior notes due 2025.
Amended Credit Agreement and Term Loan to allow one-year extension on $151.7M Tranche A-1 and $73.0M Five Year Term Loans.
Extended term loans will incur a 0.30% increase in Applicable Margin from the initial maturity date.
Acquisition basket for unencumbered properties raised to $450M (no revolver drawn) or $300M (if revolver drawn ≤$200M).
Extension fee of 0.15% of extended loans payable to consenting lenders.

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