BETHESDA, Md., Feb. 28 /PRNewswire-FirstCall/ -- DiamondRock Hospitality Company ("DiamondRock") today announced that it has closed a four- year, $200 million unsecured revolving credit facility. This facility replaces DiamondRock's existing $75 million secured revolving credit facility. The interest rate for the new unsecured facility is based on grid pricing with an anticipated spread over LIBOR of 95 basis points, which is up to 50 basis points lower than the prior facility. Subject to certain conditions, the facility may be extended for one-year, as well as increased to $500 million.
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"This new credit facility greatly increases DiamondRock's liquidity, reduces its cost of borrowing, and provides greater flexibility to grow the company going forward," commented Mark W. Brugger, Executive Vice President and Chief Financial Officer.
The facility was led by Wachovia Capital Markets, LLC as Administrative Agent and Sole Lead Arranger with Citicorp North America, Inc. as Documentation Agent. Syndication agents included Bank of America, Calyon, and The Royal Bank of Scotland. Additional lenders are Wells Fargo and Merrill Lynch.
DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT) that is an owner and acquirer of premium hotel properties. DiamondRock owns 21 hotels with almost 10,000 rooms. For further information, please visit DiamondRock's website at http://www.drhc.com/.
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