10:35 AM EDT, 09/28/2022 (MT Newswires) -- Diamondrock Hospitality (DRH) said Wednesday it has refinanced its primary unsecured credit facility to increase it to $1.2 billion from $750 million and extend its maturity schedule.
The facility now comprises a $400 million revolving credit facility, a $300 million term loan with a maturity in January 2026 with a one-year extension option, and a $500 million term loan maturing in January 2028.
Funds from the term loans were used to repay the $350 million term loan in the previous facility, the $50 million term loan facility due to mature in October 2023, and the $150 million outstanding on the revolving credit facility.
The remaining proceeds will be used to repay the company's 2023 mortgage loan maturities over the next 90 days.
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