RLJ Lodging Trust closes $500M term loan, repays $400M existing loan and $100M revolver

RLJ Lodging Trust

New $500M Tranche A-2 term loan matures Sept 24, 2027, with two 1-year extension options.
$400M existing term loan (due May 2025) and $100M of revolver borrowings repaid with proceeds.
$600M revolver (matures May 2027) and $225M Tranche A-1 term loan (matures May 2026) terms unchanged.
Credit agreement allows potential increase of revolver to $750M and term loans to $600M each.
Leverage covenant set at max 7.25x; 35bp rate increase if leverage exceeds 6.5x for a quarter.

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