Chatham Lodging Trust upsizes credit facility to $500M, extends maturity to 2029

Chatham Lodging Trust

New $300M unsecured revolver and $200M term loan, up from prior $260M+$140M facilities.
Facility matures September 2029 with two 12-month extension options; accordion allows increase to $650M.
Revolver interest SOFR+1.5%-2.25% (currently 1.6%); term loan SOFR+1.45%-2.2%, a 10bps decrease.
Proceeds repaid $60M revolver and $140M term loan outstanding; joint lead arrangers include BofA, Wells Fargo, Capital One, Regions, Truist.
CFO Jeremy Wegner cited financial flexibility to enhance shareholder value, terms similar to larger lodging REIT peers.

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