Braemar hotels & resorts inc. enters into a second amended and restated credit agreement with braemar hospitality limited partnership

On october 25, 2019, braemar hotels & resorts inc. entered into a second amended and restated credit agreement with braemar hospitality limited partnership, the company's operating partnership (the borrower), bank of america, n.a., as administrative agent, and the other financial institutions party thereto. the credit facility is the second amendment and restatement of that certain credit agreement dated as of november 19, 2013, among the borrower, the company, bank of america, n.a. and the lenders from time to time party thereto. the credit facility is a senior secured revolving credit facility in the amount of $75 million, including $15 million available in letters of credit and $15 million available in swingline loans, subject to an accordion feature whereby the aggregate commitments may be expanded to $250 million, subject to certain limitations. the credit facility is a three-year interest-only facility with all outstanding principal due at maturity, subject to two one-year extension options, provided that each swingline loan must be repaid in full no later than five business days after such loan is made. the proceeds of the credit facility may be used for working capital, capital expenditures, property acquisitions, and any other lawful corporate purposes.
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