Apple Hospitality REIT Locks In $1.3B Credit Facility, Extends Debt Maturities to 2029
APLE sits 55% above its 52-week low of $10.85.
Summary
Apple Hospitality REIT completed a refinancing that boosts its main credit facility to $1.3 billion and extends maturities, with no significant debt due until 2029. The amended facility includes a $700 million revolver, a $275 million term loan due 2031, and a $300 million term loan due 2032, all with improved pricing. A separate $130 million term loan was upsized to $160 million and extended by seven years to 2033. The company also aligned pricing on $470 million of existing term loans to the new, lower grid. This follows a series of positive operating updates and a share buyback extension, reinforcing a conservative balance sheet. The extended runway and lower borrowing costs provide flexibility for growth and capital allocation.
At the time of this announcement, APLE was trading at $16.82 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $4B. The 52-week trading range was $10.85 to $17.13. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: BusinessWire.