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PALM BEACH, FL-Locally based Chatham Lodging Trust has signed a commitment letter with a group of lenders for an $85-million senior secured-credit facility.  The paper includes an accordion feature that will allow the company to increase the size of the facility to $110 million.  It will mature in three years and the interest rate will be Libor plus 3.25% with a Libor floor of 1.25%.

Barclay’s Capital and Regions Capital Markets are the joint lead arrangers for the revolving credit facility, with Barclays Bank PLC serving as the administrative agent and Regions Bank acting as the syndication agent. Other banks providing commitments for the credit facility include Credit Agricole Corporate and Investment Bank, UBS Investment Bank and US Bank and National Association.

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