AINC - Ashford secures $100M corporate financing

Ashford (NYSE:AINC) has secured new $100M loan facility to pay off its existing term loan and for general corporate purposes. It comes at 7.35% plus LIBOR for a term of five years with 3 one-year extension options. The company told it has drew down $50M on the loan and has the option to draw the additional $50M over the next 24 months. "By paying off our previous term loan and having access to additional capital, we are well-positioned to continue to capitalize on the growth we are seeing across the hospitality industry," commented Monty J. Bennett, Ashford's Chairman and Chief Executive Officer.

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Ashford secures $100M corporate financing