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Bank of America Provides $35MM Revolver to Ashford

March 05, 2018, 07:20 AM
Filed Under: Specialty Industries
Related: Bank of America

Ashford announced that it has entered into a new $35 million senior revolving credit facility with Bank of America, N.A. The credit facility provides for a three-year revolving line of credit and bears interest at a range of 3.0% - 3.50% over LIBOR, depending on the leverage level of the Company.  There is a one-year extension option subject to the satisfaction of certain conditions.  The new credit facility includes the opportunity to expand the borrowing capacity by up to $40 million to an aggregate size of $75 million.

"We are pleased to enter into this new corporate credit facility, which provides us with enhanced financial flexibility and will be beneficial as we execute our growth strategy going forward," commented Monty J. Bennett, Ashford's Chairman and Chief Executive Officer.

Ashford provides global asset management, investment management and related services to the real estate and hospitality sectors.

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