FelCor Lodging (FCH) Announces Closing of $200 Million Term Loan
FelCor Lodging Trust Incorporated (NYSE: FCH) announced that its wholly-owned subsidiaries closed a $200 million secured term loan. JPMorgan Securities Inc. was the lead arranger, and JPMorgan Chase Bank, N.A., is the administrative agent and provided a portion of the loan. Proceeds of the new loan will be used for general corporate purposes, including repayment of outstanding obligations totaling $128 million under FelCor's line of credit, which was terminated by the Company.
The new loan is non-recourse and secured by nine hotels, representing 2,331 guest rooms. The loan bears interest at LIBOR plus 350 basis points, has a 65 percent LTV ratio and, including both extension options, matures in 2013.
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