DiamondRock completes $1.2B refinancing, extends debt maturities to 2026-2028

DiamondRock Hospitality Co

New $400M revolver (maturing Sept 2027 with two six-month extensions) and $800M in term loans ($300M due Jan 2026, $500M Jan 2028).
Interest rates based on leverage grid (1.35% to 2.25% over adjusted term SOFR).
Proceeds used to repay $350M term loan, $50M term loan due 2023, and $150M revolver draw; remaining to repay 2023 mortgage maturities.
After repayments, no debt maturities until August 2024; 30 hotels unencumbered by secured debt.
Company expects year-end liquidity >$600M; pricing includes sustainability-linked component (up to 0.04% margin reduction).

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