Braemar Hotels & Resorts Inc. (BHR): debt financing — Braemar Hotels & Resorts enters into $200M senior secured credit facility, refinances existing mortgage debt

Braemar Hotels & Resorts Inc.

$200M facility: $150M term loan + $50M revolver; initial three-year term with one-year extension option.
Proceeds used to repay mortgage debt on Ritz-Carlton Sarasota, Bardessono Hotel & Spa, and Hotel Yountville.
Interest rate: SOFR + 2.35%–3.10% based on Net Debt/EBITDA; initial rate expected SOFR + 2.85%.
Financial covenants: leverage ≤55% and fixed charge coverage ≥1.10x (≥1.25x after Dec 2024).
Facility can be expanded to $400M; fully prepayable without penalty; Bank of America agent, TBK/MidFirst participants.

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

Braemar Hotels & Resorts Inc. incurred credit facility of $200 million with Bank of America, N.A. (as administrative agent) and the lenders party thereto at Daily SOFR or Term SOFR plus 10 basis points (with a 0% floor) plus the applicab maturing three-year.

Instrument: credit facility
Principal: $200 million
Counterparty: Bank of America, N.A. (as administrative agent) and the lenders party thereto
Rate: Daily SOFR or Term SOFR plus 10 basis points (with a 0% floor) plus the applicab
Maturity: three-year
Event: incurrence

Exact text from the filing

The Credit Agreement evidences a $200 million senior secured credit facility (the “Facility”) comprised of a senior secured term loan facility of $150 million (the “Term Loan Facility”) and a senior secured revolving credit facility of $50 million (the “Revolving Credit Facility”).

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Source: SEC EDGAR

accession 0001104659-23-085983

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