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Moody's assigns RLJ notes Ba3
Moody's Investors Service said it assigned a Ba3 senior secured rating to the offering of $500 million of eight-year, senior secured notes due 2029 issued by RLJ Lodging Trust, LP, the operating subsidiary of RLJ Lodging Trust. RLJ’s corporate family rating is Ba3.
The company plans to use the proceeds to redeem all $475 million of senior notes due 2025 of its subsidiary FelCor Lodging LP.
“Overall, we consider the transaction as credit positive, allowing the company to simplify its capital structure, opportunistically reduce its financing costs and extend its debt duration while also further broadening its access to the public debt capital markets,” Moody’s said in a press release.
The outlook is unchanged at stable.
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