Simultaneous with closing of the IPO, SIR entered into a $500.0 million revolving credit facility that is available for general business purposes, including acquisitions. Interest under the revolving credit facility is calculated at floating rates based upon LIBOR plus a premium that varies depending upon SIR’s leverage and credit rating. The revolving credit facility has a maturity date of March 11, 2016 and provides SIR an option to extend the maturity date for one year, subject to payment of an extension fee and meeting certain conditions. As of March 31, 2012, SIR had $227.0 million drawn and $273.0 million of borrowing capacity under the revolving credit facility.
SIR used the net proceeds from its IPO and drawings under its revolving credit facility to repay a $400.0 million demand note to CWH. The demand note was issued to CWH on February 16, 2012 as partial consideration for the contribution of 251 properties to SIR by CWH.
On May 2, 2012, at 1:00 p.m. Eastern Time, David Blackman, President and Chief Operating Officer, and John Popeo, Chief Financial Officer, will host a conference call to discuss the financial results for the quarter ended March 31, 2012.The conference call telephone number is (800) 230-1059. Participants calling from outside the United States and Canada should dial (612) 234-9959. No pass code is necessary to access either call. Participants should dial in about 15 minutes prior to the scheduled start of the call. A replay of the conference call will be available through 11:59 p.m. Eastern Time on Wednesday, May 9, 2012. To hear the replay, dial (800) 475-6701 or, if calling from outside the United States, dial (320) 365-3844. The replay pass code is 242637. A live audio webcast of the conference call will also be available in a listen only mode on SIR’s website, which is located at www.sirreit.com. Participants wanting to access the webcast should visit SIR’s website about five minutes before the call. The archived webcast will be available for replay on SIR’s website for about one week after the call. The recording and retransmission in any way of SIR’s first quarter conference call is strictly prohibited without the prior written consent of SIR. Supplemental Data: A copy of SIR’s First Quarter 2012 Supplemental Operating and Financial Data is available for download at SIR’s website, www.sirreit.com. SIR’s website is not incorporated as part of this press release.