Xenia Hotels upsizes, extends credit facility with $675M refinancing

Xenia Hotels & Resorts obtained a new $675M senior unsecured credit facility. The Credit Facility is comprised of a $450M revolving line of credit, a $125M term loan, and a $100M delayed draw term loan. The $450M Revolving Credit Facility matures in January 2027 and can be extended up to an additional year. The Revolving Credit Facility’s interest rate is now based on a pricing grid with a range of 145 to 275 basis points over the applicable adjusted term SOFR rate as determined by the Company’s leverage ratio up to a maximum of 7.25x, compared to the previous pricing grid which ranged from 150 to 275 basis points over LIBOR with a leverage ratio up to a maximum of 6.00x. The Company has full availability on its Revolving Credit Facility. The Initial Term Loan and Delayed Draw Term Loan each mature in March 2026, can be extended up to an additional year, and bear interest rates consistent with the pricing grid on the Revolving Credit Facility. The Company used the proceeds of the Initial Term Loan to pay off a $125M term loan that was due in September 2024. The Company intends to use the proceeds of the Delayed Draw Term Loan to pay off a $100M mortgage loan which is collateralized by the Renaissance Atlanta Waverly and due in August 2024. The Company’s remaining 2024 debt maturities are limited to one $55M mortgage loan. The Credit Facility was arranged by JPMorgan Chase Bank, N.A., BofA Securities, Inc., KeyBanc Capital Markets, Inc., PNC Capital Markets LLC, and Regions Capital Markets, as Joint Lead Arrangers and Joint Bookrunners for the Revolving Credit Facility, the Initial Term Loan and the Delayed Draw Term Loan, and Fifth Third Bank, National Association served as a Joint Lead Arranger and Joint Bookrunner for the Initial Term Loan and the Delayed Draw Term Loan. JPMorgan Chase Bank, N.A. served as Administrative Agent, Bank of America, N.A., KeyBank National Association, PNC Bank, National Association and Regions Bank served as Co-Syndication Agents, Fifth Third Bank, National Association served as Documentation Agent, and Credit Agricole Corporate and Investment Bank served as Sustainability Structuring Agent. Other lenders included Goldman Sachs Bank USA, and Morgan Stanley Bank, N.A.