Real estate investment trust,
Hospitality Properties Trust
said Tuesday that it amended and extended the maturity of its $750 million revolving bank credit facility. The maturity date is extended to Oct. 24, 2010, with a borrower's option to extend the facility for one year to Oct. 24, 2011.
Interest paid on drawings under the facility also been reduced to LIBOR plus 55 basis points, and certain financial and other covenants in the facility were also amended to reflect current market conditions.
The joint lead arrangers for the amendment and extension of bank facility were Wachovia Securities and RBS Securities. Wachovia Bank, National Association acted as administrative agent, Royal Bank of Scotland acted as syndication agent and Calyon, RBC Capital Markets and Sumitomo Mitsui acted as co-documentation agents.
As part of the amendment to the facility, the number of participating banks decreased from 37 to 33 institutions.
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