Xenia Hotels & Resorts Inc. (XHR) said Wednesday that it has obtained a new $675 million senior unsecured credit facility. The Credit Facility is comprised of a $450 million revolving line of credit a $125 million term loan, and a $100 million delayed draw term loan.
The $450 million Revolving Credit Facility matures in January 2027 and can be extended up to an additional year. The Revolving Credit Facility's interest rate is now based on a pricing grid with a range of 145 to 275 basis points over the applicable adjusted term SOFR rate as determined by the Company's leverage ratio up to a maximum of 7.25x, compared to the previous pricing grid which ranged from 150 to 275 basis points over LIBOR with a leverage ratio up to a maximum of 6.00x. The Company has full availability on its Revolving Credit Facility.
The Initial Term Loan and Delayed Draw Term Loan each mature in March 2026, can be extended up to an additional year, and bear interest rates consistent with the pricing grid on the Revolving Credit Facility.
The company used the proceeds of the Initial Term Loan to pay off a $125 million term loan that was due in September 2024.
The company plans to use the proceeds of the Delayed Draw Term Loan to pay off a $100 million mortgage loan which is collateralized by the Renaissance Atlanta Waverly and due in August 2024. The company's remaining 2024 debt maturities are limited to one $55 million mortgage loan.
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