RLJ Lodging Trust (the “Company”) (NYSE: RLJ) today announced that it
has completed its $85.0 million refinancing with PNC Bank, National
Association.
“Our deal was well received and we were pleased by the strong interest
from the lending community,” commented Leslie D. Hale, Chief Financial
Officer, Treasurer, and Senior Vice President. “Our balance sheet
remains solid. We are well positioned to pursue our growth objectives
through the liquidity and flexibility currently available under our
capital structure.”
The base term is four years with a one-year extension option. The loan
is interest only during the base term and bears a floating rate of LIBOR
plus 235 basis points. The Company expects that the new financing terms
will have a minimal impact on interest expense.
The Company has no further maturing debt obligations in 2012. The
Company’s next maturing debt obligation, assuming all extensions are
exercised, will be in 2015.
About Us
RLJ Lodging Trust is a self-advised, publicly traded real estate
investment trust focused on acquiring premium-branded, focused-service
and compact full-service hotels. The Company’s portfolio consists of 141
hotels in 20 states and the District of Columbia, with more than 20,600
rooms. Additional information may be found on the Company’s website at http://rljlodgingtrust.com.
Forward Looking Statements
This press release may contain forward-looking statements within the
meaning of the federal securities laws. Forward-looking statements
relate to expectations, beliefs, projections, future plans and
strategies, anticipated events or trends and similar expressions
concerning matters that are not historical facts. In some cases,
you can identify forward-looking statements by the use of
forward-looking terminology such as “may,” “will,” “should,” “expects,”
“intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,”
or “potential” or the negative of these words and phrases or similar
words or phrases which are predictions of or indicate future events or
trends and which do not relate solely to historical matters. Forward-looking
statements involve known and unknown risks, uncertainties, assumptions
and contingencies, many of which are beyond the Company’s control, that
may cause actual results to differ significantly from those expressed in
any forward-looking statement, including statements related to, among
other things, the timing, price or amount of purchases, if any, under
the Company's common stock repurchase program, the Company’s
target leverage ratio, potential acquisitions or dispositions, the
completion of the 2012 capital improvement plan, RevPAR growth, EBITDA
growth, Hotel EBITDA margins or cash G&A expenses. All
forward-looking statements reflect the Company’s good faith beliefs,
assumptions and expectations, but they are not guarantees of future
performance. Furthermore, the Company disclaims any obligation to
publicly update or revise any forward-looking statement to reflect
changes in underlying assumptions or factors, of new information, data
or methods, future events or other changes. For a further
discussion of these and other factors that could cause the Company’s
future results to differ materially from any forward-looking statements,
see the sections entitled “Risk Factors” and “Management’s Discussion
and Analysis of Results of Operations and Financial Condition” in the
Company's Annual report on Form 10-K for the year ended December 31,
2011, and other risks described in documents subsequently filed by the
Company from time to time with the Securities and Exchange Commission.
For additional information or to receive press releases via email,
please visit our website: http://rljlodgingtrust.com
