LaSalle Hotel amends $300M bank facility |
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Fri, 13 Apr 2007 20:36
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BETHESDA, Md. (AP) - Real estate investment trust LaSalle Hotel Properties said Friday it had amended its $300 million senior unsecured bank facility.The terms of the amended facility are substantially the same as the prior credit facility except for a pricing reduction. In addition, the facility now matures April 13, 2011 with an option to extend to April 13, 2012.The interest rate for the new facility is a range of 70 to 150 basis points over LIBOR and a flat unused fee of 12.5 basis points. LIBOR, or London Interbank Offered Rate, is a widely used international benchmark of interest rates.LaSalle Hotel Lessee, LaSalle Hotel's REIT subsidiary, also amended its $25 million revolver on similar terms as the amended senior unsecured credit facility.LaSalle Hotel's new facility is co-led by Bank of Montreal and Bank of America.LaSalle Hotel shares dipped 20 cents to $47.30 in afternoon trading on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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LaSalle Hotel raises its dividend 