Hospitality Properties Trust announced that it has entered into an amended and restated credit facilities agreement for $1.15 billion, which includes its existing $750 million unsecured revolving credit facility and existing $400 million unsecured term loan. Prior to the amendment, the company's $750 million revolving credit facility had a maturity date of September 7, 2015 and interest paid on drawings was LIBOR plus 130 basis points. The maturity date of the amended revolving credit facility was extended by almost three years, to July 15, 2018, and interest paid on drawings has been reduced to LIBOR plus 110 basis points.

In addition, the facility fee was reduced from 30 basis points to 20 basis points per annum on the total amounts of lending commitments. Both the premium over LIBOR and the facility fee are subject to adjustments based on changes to the company's credit ratings. The amended revolving credit facility also includes a borrower's option to further extend the facility for one additional year.

Prior to the amendment, the company's $400 million term loan had a maturity date of March 13, 2017 and interest paid on drawings was LIBOR plus 145 basis points. The maturity date of the amended term loan was extended by over two years, to April 15, 2019, and interest paid on drawings has been reduced to LIBOR plus 120 basis points. The premium over LIBOR is subject to adjustments based on changes to the company's credit ratings.

In addition, the amended credit facilities include a feature under which maximum borrowings may be increased to up to $2.3 billion on a combined basis in certain circumstances. Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, PNC Capital Markets, LLC and RBC Capital Markets are the Joint Lead Arrangers for the new facility.