FelCor improves funding profile

FelCor Lodging Trust (FCH -1.9%) today closed on a $140M term loan, the proceeds from which it will combine with cash on hand to next month redeem its remaining $234M of 10% senior notes.

The new loan matures in 2017, has interest of Libor plus 2.5% and is freely pre-payable. It is secured by three properties.

After paying off the notes, FCH's weighted-average cost of borrowing will be below 6%, says CEO Richard Smith.

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