RLJ Lodging Trust (RLJ): debt financing — RLJ Lodging Trust refinances $600M revolver and enters $225M term loan; extends maturities to 2026-2027

RLJ Lodging Trust

Revolver maturity extended to May 2027 with one 1-year extension option.
New $225M term loan matures May 2026, with two 1-year extension options to May 2028.
Proceeds used to repay two term loans maturing January 2024.
Executed $250M interest rate swaps at weighted average rate of 2.88%.
Amendment enhances flexibility and retains pricing grid from prior facility.

item 1.01 item 1.02 item 2.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

RLJ Lodging Trust amended revolving credit of $600 million with Wells Fargo Bank, National Association at SOFR plus a credit spread adjustment of 10 basis points (“Adjusted SOFR”) plus a maturing May 10, 2027.

Instrument: revolving credit
Principal: $600 million
Counterparty: Wells Fargo Bank, National Association
Rate: SOFR plus a credit spread adjustment of 10 basis points (“Adjusted SOFR”) plus a
Maturity: May 10, 2027
Event: amendment

Exact text from the filing

The Amended Credit Agreement (1) extends the maturity date of the Operating Partnership’s $600 million unsecured revolving credit facility (the “Revolver”) to May 10, 2027

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

RLJ Lodging Trust incurred term loan of $225 million with Wells Fargo Bank, National Association at Adjusted SOFR plus a margin ranging from 145 to 220 basis points or a base rate maturing May 10, 2026.

Instrument: term loan
Principal: $225 million
Counterparty: Wells Fargo Bank, National Association
Rate: Adjusted SOFR plus a margin ranging from 145 to 220 basis points or a base rate
Maturity: May 10, 2026
Event: incurrence

Exact text from the filing

provides for a new $225 million unsecured term loan with a scheduled maturity date of May 10, 2026 (the “Tranche A-1 Term Loan”)

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

RLJ Lodging Trust amended Fourth Amended and Restated Credit Agreement with Wells Fargo Bank, National Association and the other lenders party thereto valued at $600 million (effective 2023-05-10).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association and the other lenders party thereto
Value: $600 million
Effective: 2023-05-10

Exact text from the filing

RLJ Lodging Trust (the “Company”), as parent guarantor, and RLJ Lodging Trust, L.P., the Company’s operating partnership (the “Operating Partnership”), as borrower, entered into a Fourth Amended and Restated Credit Agreement (the “Amended Credit Agreement”) with Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent, and the other lenders party thereto.

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26 debt financings filed in the last 30 days. Browse all debt financings →

RLJ Lodging Trust filing history →

Source: SEC EDGAR

accession 0001104659-23-061205

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