NEWTON, Mass.--Hospitality Properties Trust (NYSE: HPT) today
announced that it has amended and extended the maturity of its $750
million revolving bank credit facility. As a result of today's
amendment, the maturity date is extended to October 24, 2010, with a
borrower's option to extend the facility for one year to October 24,
2011.
Interest paid on drawings under the facility was reduced to LIBOR
plus 55 basis points, and certain financial and other covenants in the
facility were also amended to reflect current market conditions.
Wachovia Securities and RBS Securities acted as Joint Lead Arrangers
for the amendment and extension of the bank facility. Wachovia Bank,
National Association acted as Administrative Agent, Royal Bank of
Scotland acted as Syndication Agent and Calyon, RBC Capital Markets and
Sumitomo Mitsui acted as Co-Documentation Agents.
As part of the amendment to the facility, the number of participating
banks decreased from 37 to 33 institutions. Other banks participating
in the amended credit facility are as follows: Mizuho Corporate Bank,
PNC Bank, United Overseas Bank, US Bank, Societe Generale, Bank of
China, AmSouth Bank, Bank of New York, Land Bank of Taiwan, SunTrust
Bank, Bank Hapoalim, Bank of Taiwan, Chang Hwa Commercial Bank, Comerica
Bank, First Hawaiian Bank, Regions Bank, Chiao Tung, Bank of America,
Bank of Communications, Citizens Bank, Farmers Bank of China, First
Commercial Bank, Hua Nan Commercial Bank, Merrill Lynch, Morgan Stanley,
Taipei Bank and ICBC.
Hospitality Properties Trust is a real estate investment trust, or
REIT, which owns 310 hotels located in 38 states, Puerto Rico and
Canada. HPT is headquartered in Newton, Massachusetts.
WARNING CONCERNING FORWARD LOOKING STATEMENTS
CERTAIN STATEMENTS CONTAINED IN THIS DOCUMENT ARE FORWARD LOOKING
STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995 AND FEDERAL SECURITIES LAWS. THESE INCLUDE STATEMENTS
REGARDING FUTURE AVAILABILITY AND COST OF BORROWINGS UNDER OUR
REVOLVING CREDIT FACILITY. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM
THOSE CONTAINED IN OR IMPLIED BY THE FORWARD LOOKING STATEMENTS AS A
RESULT OF VARIOUS FACTORS. FOR EXAMPLE, THE COST AND CONTINUED
AVAILABILITY OF BORROWINGS UNDER THE CREDIT FACILITY ARE SUBJECT TO
HPT'S MAINTAINING CERTAIN CREDIT RATINGS, SATISFYING CERTAIN FINANCIAL
COVENANTS AND MEETING OTHER CUSTOMARY CONDITIONS, WHICH COULD BE
IMPACTED BY CHANGES IN OUR FINANCIAL CONDITION, THE ECONOMY OR THE
CAPITAL MARKETS. MANY OF THESE FACTORS ARE BEYOND HPT'S CONTROL. FORWARD
LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR.
INVESTORS SHOULD NOT PLACE UNDUE RELIANCE UPON FORWARD LOOKING
STATEMENTS. EXCEPT AS MAY BE REQUIRED BY LAW, HPT DOES NOT INTEND TO
IMPLY THAT IT WILL UPDATE OR REVISE ANY FORWARD LOOKING STATEMENTS AS A
RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.
Hospitality Properties Trust
Timothy A. Bonang
617-796-8149
Manager of Investor Relations
www.hptreit.com