Sotherly Hotels Secures $100M Credit Facility
Ticker: SOHOB · Form: 8-K · Filed: Aug 15, 2024 · CIK: 1313536
| Field | Detail |
|---|---|
| Company | Sotherly Hotels LP (SOHOB) |
| Form Type | 8-K |
| Filed Date | Aug 15, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.01, $5.0 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: debt, financing, credit-facility
Related Tickers: SOHO
TL;DR
SOHO just got a $100M credit line to fuel growth - good for hotel ops & acquisitions.
AI Summary
Sotherly Hotels LP, through its parent Sotherly Hotels Inc., entered into a credit agreement on July 8, 2024, for a $100 million revolving credit facility. This facility, provided by various lenders including Bank of America, N.A. as administrative agent, matures on July 8, 2029, and is intended to fund general corporate purposes and potential acquisitions.
Why It Matters
This new credit line provides Sotherly Hotels with significant financial flexibility for operations and strategic growth, potentially impacting its ability to acquire new properties or invest in existing ones.
Risk Assessment
Risk Level: medium — The company is taking on new debt, which increases financial leverage and introduces interest rate risk, though the facility is intended for growth and operational flexibility.
Key Numbers
- $100.0M — Revolving Credit Facility (Provides liquidity for general corporate purposes and acquisitions.)
- 5 years — Maturity Term (The credit facility is set to mature on July 8, 2029.)
Key Players & Entities
- Sotherly Hotels LP (company) — Borrower
- Sotherly Hotels Inc. (company) — Parent Company
- $100 million (dollar_amount) — Revolving Credit Facility Amount
- July 8, 2024 (date) — Credit Agreement Date
- July 8, 2029 (date) — Maturity Date
- Bank of America, N.A. (company) — Administrative Agent
FAQ
What is the purpose of the $100 million revolving credit facility?
The facility is intended to fund general corporate purposes and potential acquisitions for Sotherly Hotels LP.
Who is the administrative agent for the credit facility?
Bank of America, N.A. is the administrative agent for the credit facility.
When was the credit agreement entered into?
The credit agreement was entered into on July 8, 2024.
What is the maturity date of the credit facility?
The credit facility matures on July 8, 2029.
What is the total amount of the revolving credit facility?
The total amount of the revolving credit facility is $100 million.
Filing Stats: 585 words · 2 min read · ~2 pages · Grade level 11.1 · Accepted 2024-08-15 16:00:24
Key Financial Figures
- $0.01 — nge on which registered Common Stock, $0.01 par value SOHO The NASDAQ Stock Mar
- $5.0 million — : has an initial principal balance of $5.0 million; has a maturity date of July 1, 2026;
Filing Documents
- soho-20240708.htm (8-K) — 66KB
- 0000950170-24-097557.txt ( ) — 250KB
- soho-20240708.xsd (EX-101.SCH) — 63KB
- soho-20240708_htm.xml (XML) — 12KB
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized. Date: August 15, 2024 SOTHERLY HOTELS INC. By: /s/ Anthony E. Domalski Anthony E. Domalski Chief Financial Officer SOTHERLY HOTELS LP by its General Partner, SOTHERLY HOTELS INC. By: /s/ Anthony E. Domalski Anthony E. Domalski Chief Financial Officer