RLJ Lodging Trust: amends credit facilities to extend maturities and increase vesting limits
RLJ Lodging Trust (the “Company” (NYSE: RLJ) today announced that the Company has amended its corporate credit facilities to include a pre-approved one-year extension option for approximately $ 225 million of its loans. term of $ 319 million which expires in January 2023. The exercise of the one-year extension option will be at the discretion of the Company, subject to certain conditions. In addition, the changes increase flexibility to acquire hotels using existing capacity on the balance sheet during the covenants relief period The basket of such acquisitions increased from $ 300 million to $ 450 million, subject to certain conditions.
“In the wake of yet another successful bond offering, we are delighted to announce changes to our corporate credit facilities, further increasing the maturity of our nearest debt and increasing our flexibility to acquire high quality assets. quality with existing liquidity, ”commented Leslie D. Hale, President and CEO. “We appreciate the support of our lending partners and appreciate these long-standing relationships. With over $ 1.0 billion in cash and a flexible balance sheet, RLJ is well positioned to pursue its growth plan.
RLJ Lodging Trust is a self-advised, publicly traded real estate investment trust that primarily owns premium, high-margin, focused-service, compact, full-service branded hotels. The Company’s portfolio currently consists of 97 hotels with approximately 22,100 rooms, located in 23 states and the District of Columbia, and an interest in an unbound 171 room hotel.
This information contains certain statements, other than purely historical information, including estimates, projections, statements relating to the business plans, objectives and expected results of operations of the Company, to actions taken in response to the COVID-19 pandemic and the impact of COVID-19. 19 pandemic about our business, and the assumptions on which such statements are based, which are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are generally identified by the use of the words “believe”, “plan”, “expect”, “anticipate”, “estimate”, “plan”, “may”, “may”, “continue” , “” Intend “,” should “or similar expressions. Although the Company believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, beliefs and expectations, these forward-looking statements are not predictions of future events or guarantees of future performance and the actual results of the company. Company could differ materially from those set forth in forward-looking statements. Factors that could cause such a difference include: current global economic uncertainty and worsening global economic conditions or low levels of economic growth; the duration and extent of the COVID-19 pandemic and its impact on travel demand and consumer confidence levels; actions taken by governments, businesses and individuals in response to the pandemic, including limiting or banning travel; the impact of the pandemic on global and regional economies, travel and economic activity; the speed and effectiveness of vaccine and treatment developments and their deployment, including rates of public adoption of COVID-19 vaccines and their effectiveness against emerging variants of COVID-19, such as the Delta variant; the pace of recovery as the COVID-19 pandemic subsides; the effects of actions we and our third party management partners take to reduce operating costs; increased direct competition, changes in government regulations or accounting rules; changes in local, national and global real estate conditions; the decline of the accommodation industry, particularly due to the COVID-19 pandemic; seasonality of the accommodation industry; risks associated with natural disasters, such as earthquakes and hurricanes; hostilities, including future terrorist attacks or fear of hostilities that affect travel and epidemics and / or pandemics, including COVID-19; the Company’s ability to obtain credit lines or permanent financing on satisfactory terms; changes in interest rates; access to capital through offers of ordinary and preferred shares of the Company of beneficial interest, or debt; the Company’s ability to identify appropriate acquisitions; the Company’s ability to complete identified acquisitions and to integrate these businesses; and inaccuracies in the Company’s accounting estimates. In addition, investors are urged to interpret many of the risks identified in the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 as being increased due to of the impacts of the COVID-19 pandemic. In view of these uncertainties, one should not place undue reliance on these statements. Except as required by law, the Company assumes no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise. The Company cautions investors not to place undue reliance on these forward-looking statements and urges investors to carefully consider the information the Company makes regarding risks and uncertainties in the sections headed “Risk Factors”, “Forward-Looking Statements” and “Management Report and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and the Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, as well as the risks, uncertainties and other factors discussed in other documents filed by the Company with the Securities and Exchange Commission.
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