---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-085983"
form_type: "8-K"
ticker: "BHR"
cik: "0001574085"
company_name: "Braemar Hotels & Resorts Inc."
filed_at: "2023-08-01T23:59:59+00:00"
generated_at: "2026-06-12T18:11:45.961495+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Braemar Hotels & Resorts enters into $200M senior secured credit facility, refinances existing mortgage debt

## Summary
- $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.

## SEC filing metadata
- accession: 0001104659-23-085983
- form_type: 8-K
- ticker: BHR
- cik: 0001574085
- company_name: Braemar Hotels & Resorts Inc.
- filed_at: 2023-08-01T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1574085/000110465923085983/0001104659-23-085983-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1574085/000110465923085983/tm2322435d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-085983
- JSON: https://secwatch.observer/filing/0001104659-23-085983.json
- Plain text: https://secwatch.observer/filing/0001104659-23-085983.txt

## Key facts
- Debt Financings
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1574085/000110465923085983/0001104659-23-085983-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.