LaSalle Hotel Properties (LHO) Friday said it has closed on its new $300.0 million term loan. The five-year term loan matures on August 2, 2017, including a one-year extension on certain conditions.
The term loan was swapped to a fixed interest rate for the full five-year term and its interest rate will be 2.68 percent when the company's leverage ratio is between 4.0 and 4.75 times.
While $200.0 million of term loan proceeds were funded at closing, the company has the flexibility to draw the remaining $100.0 million of proceeds anytime during the next 95 days.
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