Eagle Hospitality gets $110 million unsecured credit facility

By Sara Rosenberg

New York, Dec. 22 - Eagle Hospitality Properties Trust closed on a new $110 million senior unsecured credit facility due Jan. 1, 2009, with a one-year extension option, according to an 8-K filed with the Securities and Exchange Commission Thursday.

U.S. Bank is administrative agent, Key Bank is syndication agent and LaSalle Bank is documentation agent. Other participating banks include Harris Nesbitt, Merrill Lynch Capital and Wachovia Bank.

Borrowings under the facility carry an initial rate of Libor plus 225 basis points, but pricing can vary from Libor plus 160 to 325 bps based on leverage.

There is a $90 million accordion feature.

Eagle Hospitality Properties Trust is a Covington, Ky.-based real estate investment trust focused on the full-service and all-suite hotel industry.

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