The Fort Lauderdale-based developer-operator of extended-stay lodging facilities, which is in the process of relocating to Spartanburg, SC, announced in a recent shareholder's report it is paying a comparable 9 7/8% interest rate on the notes due 2011.

In the same report, the company also disclosed it signed a new credit agreement to establish $900 million in senior credit facilities. The company advised it used a portion of the proceeds to pay all indebtedness outstanding on an existing credit facility.

The new credit facilities include a $50 million A-1 term-loan facility, a $50 million A-2 delayed draw term-loan facility, a $100 million A-3 delayed draw term-loan facility, a $500 million B term-loan facility and a $200 million revolving credit facility.

As of July 31, the company advised it had not yet borrowed under the delayed draw term loans. It had borrowed a total of $19 million under the revolving credit facility.

"The remaining availability under the facilities will be used for general corporate purposes, which may include acquisitions," the company reported.

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