InTown Hospitality completes $147.5 million unsecured term loan

By Sara Rosenberg

New York, July 3 - InTown Hospitality Corp. closed on a new $147.5 million six-month unsecured term loan, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

J.P. Morgan Securities LLC acted as the lead arranger and bookrunner on the deal that was completed on June 28.

Pricing on the loan can range from Libor plus 105 basis points to 215 bps based on credit ratings of Kimco Realty Corp., which has a non-controlling ownership interest in the company.

The loan has six six-month extension options.

Covenants include maximum debt ratios and minimum interest and fixed-charge coverage ratios.

Proceeds were used to refinance an existing credit facility.

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