Wells Fargo refinances existing $1.2 billion credit facility for DiamondRock Hospitality Limited Partnership, a subsidiary of DiamondRock Hospitality Company
Client(s) Wells Fargo Bank, National Association
Jones Day advised Wells Fargo Bank, National Association, as administrative agent and a lender, in connection with the refinancing of an existing $1.2 billion credit facility to DiamondRock Hospitality Limited Partnership, a subsidiary of DiamondRock Hospitality Company. The refinancing extends the credit facility and increases it to up to $1.5 billion, which includes: (i) a $400 million revolving loan facility with a $75 million letter of credit subfacility and a $40 million swingline facility, (ii) a $500 million term loan facility, (iii) a $300 million term loan facility, (iv) a new $300 million term loan facility with a delayed draw of up to $215 million, and (v) an accordion that permits increasing the credit facility to up to $1.8 billion.
DiamondRock Hospitality Company is a self-advised public real estate investment trust (REIT) that owns a leading portfolio of geographically diversified hotels concentrated in leisure destinations and top gateway markets. The company currently owns 36 premium-quality hotels and resorts with approximately 9,600 rooms.
