DALLAS— Wyndham International, has completed a $425 million mortgage refinancing secured by 19 hotel properties. The loan was made by affiliates of Lehman Brothers. The new loan has an initial maturity date of June 9, 2005, and Wyndham, in its sole discretion, may extend the maturity date to July 8, 2008. The refinancing closely follows Wyndhams June 2, 2003 press release announcing the successful amendment of its senior corporate credit facilities. Upon the satisfaction of certain conditions, the maturity date of the credit facilities will be extended to April 1, 2006. This refinancing satisfies approximately 65% of the pay down required to achieve the maturity extensions under the amendment. “This mortgage refinancing is yet another significant achievement for our company. With todays announcement, we are highly confident that the remaining conditions to the maturity extension of our corporate credit facilities will be accomplished well before the nine month deadline,” said Fred Kleisner, Wyndhams chairman/CEO in a statement.
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