Xenia Hotels & Resorts Obtains $675 Mln Senior Unsecured Credit Facility

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
United Airlines and Archer Aviation Inc. announced plans to launch the first commercial electric air taxi route in Chicago, between O'Hare International Airport or ORD and Vertiport Chicago. As part of their urban air mobility or UAM network buildout, both companies will utilize Archer's electric vertical takeoff and landing or eVTOL aircraft in the new route. Fort Wayne, Indiana-based Perfection Bakeries D/B/A Aunt Millie's is recalling 8 ct. packages of Our Family White Hot Dog Buns citing the possible presence of undeclared sesame, a known allergen, the U.S. Food and Drug Administration said. The product comes in a printed plastic package marked with "Our Family Hot Dog Buns 8 ct." on the top and has a blue twist tie. Parsippany, New Jersey -based Ascend Laboratories LLC. is recalling Dabigatran Etcxilate capsules citing the detection of N-Nitrosodimethylamine or NDMA impurity, a probable human carcinogen, the U.S. Food and Drug Administration said. The product is used as an oral anticoagulant to lower the risk of stroke and blood clots.
Follow RTT