Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or “Apple Hospitality”) today announced that it has successfully amended its unsecured debt agreements to extend the waiver period of all existing financial covenants until the end of the fourth quarter of 2021 with the lifting of all existing financial covenants except two until the end of the first quarter of 2022 (the “extended waiver of commitments period”), unless the company chooses an earlier date. The Company’s unsecured credit facilities consist of a $ 425 million revolving credit facility, $ 820 million of funded term loans and a $ 50 million senior note facility. As of March 1, 2021, the revolving credit facility had an outstanding balance of approximately $ 161 million with availability of approximately $ 264 million.
“Thanks to our strong balance sheet, track record of disciplined capital allocation and our current operating outperformance, we have achieved an extension of our waiver period and increased flexibility without raising additional capital or increasing our portfolio as we continue our efforts to preserve equity value for our shareholders, ”commented Liz Perkins, CFO of Apple Hospitality. “We have successfully achieved our key objective of improving our ability to exit the waiver period while increasing our short-term flexibility to capitalize on potential acquisition opportunities. These adjustments position us better to maximize long-term value for our shareholders as our…
News Highlights Finance
- Headline: Apple Hospitality REIT Extends Credit Facility Waiver Period and Improves Financial Flexibility
- Check all news and articles from the Finance news updates.