Red Lion Hotels Completes Expansion of Its Credit Facility with Wells Fargo
Friday June 21st, 2013 - 11:17AM I
| | | | | | | | | | |
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
SPOKANE, WA—Red Lion Hotels Corporation has completed the expansion of its credit facility agreement with Wells Fargo Bank. Under the secured facility, Red Lion Hotels obtained $45 million in a term loan with a 15-year amortization maturing in June 2018.
Proceeds from the term loan were used to refinance approximately $38 million in maturing CMBS debt and pay expenses in connection with the transaction. The remainder will be used to invest in capital expenditures and for general corporate purposes.
Additionally, a $10-million, two-year revolving line of credit is available under the facility. The company has pledged 19 Red Lion properties as collateral for the new agreement.
Tags: • Hospitality • FF+E/Purchasing •
The theme of this year’s ALIS conference was “Don’t Worry, Be Happy.” But, lets face it, there are always going to be some people who aren’t happy unless they are worried about something—whether it’s the Fed potentially raising interest rates or that the price of oil is now too low, threatening to cripple the economies of some foreign nations.