secwatch.observer — SEC 8-K summary
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Issuer:     DiamondRock Hospitality Co (DRH)
CIK:        0001298946
Form:       8-K
Filed at:   2022-09-28T23:59:59+00:00
Accession:  0001298946-22-000096
Event type: debt
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1298946/000129894622000096/0001298946-22-000096-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1298946/000129894622000096/drh-20220927.htm
  HTML page:      https://secwatch.observer/filing/0001298946-22-000096

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