IRVING, TX— FelCor Lodging Trust, one of the nations largest REITs, has successfully amended its $615 million line of credit facility, which will, in turn, revise covenant levels to provide FelCor with greater financial and operating flexibility. The amendment was co-led by JPMorgan Chase Bank and Deutsche Bank Trust Co. Americas. The maturity date of the credit facility will remain November 2004 and FelCor may extend the facility for up to two additional one-year terms. Pricing will remain the same and bear a floating interest rate with a tiered spread based on the REITs leverage ratio. Based on FelCors leverage today (June 25, 2002), the cost of borrowing under the facility is approximately 5%. The facility currently has no outstanding balance. FelCor owns a diversified portfolio of nationally branded, upscale and full-service hotels managed by chains such as Hilton Hotels Corp., Six Continents Hotels and Starwood Hotels & Resorts. Its hotel portfolio consists of 182 hotels with nearly 50,000 rooms and suites.
Previous ArticleBaltimore Residence Inn Moving Forward
Next Article Bush Stays At Forte Property