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Winston Hotels $125 million three-year credit line at Libor plus 200 basis points
New York, Jan. 9 - Winston Hotels, Inc. said it closed on a $125 million three-year credit line, replacing its previous $140 million facility.
Borrowing costs for the new credit line depend on the company's leverage and are currently Libor plus 200 basis points, which Winston described as "comparable" to the Libor plus 145 basis points on the old facility.
The new three-year facility is non-amortizing and is secured by 28 operating hotel properties, Winston said.
The Raleigh, N.C. real estate investment trust added that it obtained the credit line from Wachovia Bank NA as agent and Branch Bank and Trust Co., SouthTrust Bank, NA and Centura Bank.
"This new secured credit facility provides Winston Hotels with added financial flexibility as we explore further growth opportunities," said Winston Hotels president, James D. Rosenberg, in a news release.
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