Apple Hospitality REIT Upsizes Credit Facilities, Extends Maturities
Apple Hospitality REIT successfully completed refinancing transactions, including a Fourth Amended and Restated Credit Agreement. This increased the senior unsecured revolving credit facility from $650 million to $700 million and extended its maturity to July 24, 2030. The company also extended the maturity dates of its $275 million Term A-1 Loan to July 24, 2031, and its $300 million Term A-2 Loan to January 23, 2032. Additionally, a Seven-Year Term Loan was increased from $130 million to $160 million with a maturity extended to July 24, 2033, and pricing terms were improved across several facilities. These actions enhance financial flexibility and extend the debt maturity schedule, with no significant debt maturities until 2029.
Key Highlights
- Revolving credit facility increased from $650 million to $700 million.
- Revolver maturity extended from July 2026 to July 2030.
- Term A-1 Loan ($275 million) maturity extended to July 2031.
- Term A-2 Loan ($300 million) maturity extended to January 2032.
- Seven-Year Term Loan increased from $130 million to $160 million.
- Seven-Year Term Loan maturity extended by seven years to July 2033.
- Total Main Credit Facility capacity increased to $1.3 billion, with accordion to $1.75 billion.
- No significant debt maturities until 2029.
Price Impact
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