Eagle Hospitality amends loan, revising covenant to gain acquisition flexibility

By Sara Rosenberg

New York, July 21 - Eagle Hospitality Properties Trust Inc. amended its $110 million senior unsecured credit facility Friday, delaying the phase-in of a stricter financial covenant so as to gain flexibility to acquire additional hotels, according to an 8-K filed with the Securities and Exchange Commission.

The amended facility now requires the company to maintain a maximum ratio of total liabilities to total asset value of 58% through Dec, 31, 2006, 55% from the period Jan. 1, 2007 through March 31, 2007 and 53% thereafter.

U.S. Bank is the administrative agent on the deal.

Eagle Hospitality is a Covington, Ky.-based real estate investment trust.

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