Chatham Lodging Trust (CLDT): debt financing — Chatham Lodging Trust refinances with $305M unsecured facilities; extends maturity to 2027

Chatham Lodging Trust

Signed $215M unsecured revolver and $90M term loan, replacing $250M facility maturing 2023.
Both facilities mature October 2027 with extension options; term loan to repay secured debt.
Interest at SOFR + 1.5%-2.25% (revolver) and SOFR + 1.45%-2.2% (term loan); no borrowings outstanding.
Company reduced net debt 40% since pandemic; only 15 of 39 hotels encumbered.
Accordion feature allows up to $145M additional capacity; $112M in manageable 2023 maturities.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Chatham Lodging Trust incurred revolving credit of $215 million unsecured revolving credit facility with Barclays Bank PLC (administrative agent) and certain lenders at adjusted term SOFR ranging from 1.5% to 2.25% maturing October 28, 2027.

Instrument: revolving credit
Principal: $215 million unsecured revolving credit facility
Counterparty: Barclays Bank PLC (administrative agent) and certain lenders
Rate: adjusted term SOFR ranging from 1.5% to 2.25%
Maturity: October 28, 2027
Event: incurrence

Exact text from the filing

The Credit Agreement Amendment provides for a $215 million unsecured revolving credit facility

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Chatham Lodging Trust entered into Second Amendment and Restatement Agreement with Barclays Bank PLC valued at $215 million unsecured revolving credit facility (effective 2022-10-28).

Action: entry
Agreement: credit facility
Counterparty: Barclays Bank PLC
Value: $215 million unsecured revolving credit facility
Effective: 2022-10-28

Exact text from the filing

On October 28, 2022, Chatham Lodging Trust (the “Company”), as parent guarantor, Chatham Lodging LP, as borrower (the “Operating Partnership”), and certain subsidiaries of the Operating Partnership, as guarantors, entered into that certain Second Amendment and Restatement Agreement (the “Credit Agreement Amendment”) to the Company’s Amended and Restated Credit Agreement

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Chatham Lodging Trust entered into Term Loan Credit Agreement with Regions and Capital One valued at $90 million unsecured term loan facility (effective 2022-10-28).

Action: entry
Agreement: credit facility
Counterparty: Regions and Capital One
Value: $90 million unsecured term loan facility
Effective: 2022-10-28

Exact text from the filing

On October 28, 2022, the Company, as parent guarantor, the Operating Partnership, as borrower, and certain subsidiaries of the Operating Partnership, as guarantors simultaneously entered into that certain Term Loan Credit Agreement (the “Term Loan Agreement”) with Regions and Capital One acting as joint lead arrangers and bookrunners for the term loan

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Chatham Lodging Trust filing history →

Source: SEC EDGAR

accession 0001476045-22-000063

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