BHR - Braemar Hotels enters into $200M financing to repay mortgage debt
2023-08-01 09:28:03 ET
Braemar Hotels & Resorts ( NYSE: BHR ) has entered into a new $200M corporate financing to repay hotel mortgage debt, the REIT said Tuesday.
The financing has an initial three-year term and includes a senior secured term loan facility in an initial principal amount of $150M and a senior secured revolving credit facility in an initial principal amount of $50M.
BHR has the opportunity to expand its borrowing capacity up to $400M, and there is a one-year extension option subject to the satisfaction of certain conditions.
The company will use the financing proceeds to repay the mortgage debt associated with Ritz-Carlton Sarasota, the Bardessono Hotel and Spa, and the Hotel Yountville, which will serve as the borrowing base for the financing. Braemar ( BHR ) expects to use the credit facility for general corporate purposes, including working capital, acquisitions, and refinancing existing debt.
More on Braemar Hotels & Resorts:
For further details see:
Braemar Hotels enters into $200M financing to repay mortgage debt