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RLJ Lodging Trust Announces Upsizing and Pricing of Senior Secured Notes Offering

Nachrichtenquelle: Business Wire (engl.)
11.06.2021, 00:51  |  126   |   |   

RLJ Lodging Trust (the “Company”) (NYSE: RLJ) announced today that its operating partnership, RLJ Lodging Trust, L.P. (the “Operating Partnership”), priced an upsized offering of $500 million aggregate principal amount of 3.750% senior secured notes due 2026 (the “Notes”) at a price equal to 100% of face value, increased from the $400 million aggregate principal amount originally announced. The Notes will pay interest semi-annually in arrears, at a rate of 3.750% per year, and will mature on July 1, 2026. The Notes will be guaranteed by the Company and certain subsidiaries of the Operating Partnership that guarantee the Company’s senior credit facilities. The Notes will be secured, subject to permitted liens, by a first priority security interest in all of the equity interests owned by the Operating Partnership and certain subsidiaries of the Operating Partnership, which collateral also secures the obligations under the Company’s existing credit agreements on a first priority basis.

The Company intends to use the net proceeds of the offering to partially repay outstanding near-term maturity indebtedness under the Company’s credit facilities and the Company’s outstanding secured mortgage indebtedness, as well as any costs and expenses related thereto, and for general corporate purposes. The Operating Partnership anticipates that consummation of the offering will occur on June 17, 2021, subject to customary closing conditions.

The Notes and the related guarantees have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws. The Notes may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Notes will be offered only to persons reasonably believed to be “qualified institutional buyers” in reliance on the exemption from registration provided by Rule 144A under the Securities Act and to certain non-U.S. persons in offshore transactions in reliance on Regulation S under the Securities Act.

This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act, and it is neither an offer to sell nor a solicitation of an offer to buy any securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the Notes or any other securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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RLJ Lodging Trust Announces Upsizing and Pricing of Senior Secured Notes Offering RLJ Lodging Trust (the “Company”) (NYSE: RLJ) announced today that its operating partnership, RLJ Lodging Trust, L.P. (the “Operating Partnership”), priced an upsized offering of $500 million aggregate principal amount of 3.750% senior secured notes …

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