Ashford Hospitality Trust amends Oaktree credit agreement; extends DDTL availability, eases restricted payment covenants

ASHFORD HOSPITALITY TRUST INC

DDTL commitment expiration extended to July 7, 2023; up to $100M available for 12 months ending July 7, 2024 subject to 9% unused fee.
Restricted payments (including preferred stock dividends) now permitted without maintaining $100M+ unrestricted cash.
Default on certain pool mortgage loans no longer counts against $400M Mortgage Debt Threshold.
A $415M mortgage loan deemed to have $400M principal for threshold purposes.
At least 50% of Exit Fee under Credit Agreement to be paid as cash.

Key facts

Extracted from this filing and checked against the source text.

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

ASHFORD HOSPITALITY TRUST INC amended Amendment No. 2 to the Credit Agreement with the Lenders and the Administrative Agent (Oaktree Fund Administration, LLC) (effective 2023-06-21).

Action: amendment
Agreement: credit facility
Counterparty: the Lenders and the Administrative Agent (Oaktree Fund Administration, LLC)
Effective: 2023-06-21

Exact text from the filing

On June 21, 2023, Ashford Trust and the Borrower entered into Amendment No. 2 to the Credit Agreement (“ Amendment No. 2 ”) with the Lenders and the Administrative Agent.

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Source: SEC EDGAR

accession 0001104659-23-074240

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