CLDT - Chatham Lodging Trust refinances credit facility issues new $90M term loan

• Chatham Lodging Trust ( NYSE: CLDT ) said Tuesday it refinanced its senior unsecured revolving credit facility and issued a new $90M unsecured term loan.
• The $215M credit facility and term loan replace the REIT's existing $250M senior unsecured credit facility that was scheduled to mature in 2023.
• The new credit facility and term loan mature in Oct. 2027, inclusive of extension options.
• Chatham Lodging ( CLDT ) has up to six months to borrow funds under the term loan and intends to fully draw the $90M within that time frame to repay maturing secured debt.
• The facilities will bear interest pursuant to a leveraged based pricing grid over the applicable adj. term SOFR ranging from 1.5% to 2.25% for the revolving credit facility and 1.45% to 2.2% for the term loan.
• Chatham Lodging ( CLDT ) can increase capacity in the future by up to $145M through an accordion feature.
• There are currently no outstanding borrowings on the unsecured credit facility or term loan.
• "We have very manageable maturities aggregating $112M in 2023. We have full availability under both facilities and have encumbrances on only 15 of our 39 hotels," said CFO Jeremy Wegner.

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