Friday June 21st, 2013 - 11:17AM
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.