Xenia Hotels & Resorts Enters Material Agreement
Ticker: XHR · Form: 8-K · Filed: Nov 26, 2024 · CIK: 1616000
Sentiment: neutral
Topics: material-agreement, financial-obligation
TL;DR
Xenia Hotels & Resorts just signed a big deal, creating a new financial obligation.
AI Summary
On November 25, 2024, Xenia Hotels & Resorts, Inc. entered into a material definitive agreement. This filing also reports the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement of the registrant. The filing includes financial statements and exhibits.
Why It Matters
This filing indicates a significant new financial commitment or obligation for Xenia Hotels & Resorts, which could impact its financial structure and future operations.
Risk Assessment
Risk Level: medium — Entering into material definitive agreements and creating new financial obligations can introduce financial risks and operational changes that warrant careful consideration.
Key Players & Entities
- Xenia Hotels & Resorts, Inc. (company) — Registrant
- November 25, 2024 (date) — Date of earliest event reported
FAQ
What is the nature of the material definitive agreement entered into by Xenia Hotels & Resorts, Inc.?
The filing does not specify the exact nature of the material definitive agreement, only that one was entered into on November 25, 2024.
What type of financial obligation has Xenia Hotels & Resorts, Inc. created?
The filing states the creation of a 'Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement' but does not provide specific details on the obligation itself.
When was the earliest event reported in this 8-K filing?
The earliest event reported is dated November 25, 2024.
What is the principal executive office address for Xenia Hotels & Resorts, Inc.?
The principal executive offices are located at 200 S. Orange Avenue, Suite 2700, Orlando, Florida 32801.
What is the SEC file number for Xenia Hotels & Resorts, Inc.?
The SEC file number for Xenia Hotels & Resorts, Inc. is 001-36594.
Filing Stats: 1,510 words · 6 min read · ~5 pages · Grade level 12.7 · Accepted 2024-11-25 19:28:03
Key Financial Figures
- $400 million — & Resorts, Inc. (the "Company"), issued $400 million aggregate principal amount of its 6.625
Filing Documents
- d893294d8k.htm (8-K) — 34KB
- d893294dex41.htm (EX-4.1) — 836KB
- 0001193125-24-265334.txt ( ) — 1173KB
- xhr-20241125.xsd (EX-101.SCH) — 3KB
- xhr-20241125_lab.xml (EX-101.LAB) — 18KB
- xhr-20241125_pre.xml (EX-101.PRE) — 11KB
- d893294d8k_htm.xml (XML) — 4KB
Use of Proceeds
Use of Proceeds The Issuer used the net proceeds from the offering of the Notes, together with cash on hand, to redeem in full its outstanding 6.375% senior notes due 2025, and to pay certain fees and expenses in connection with, or otherwise related to, the offering of the Notes and the use of proceeds therefrom. Maturity and Interest The Notes will mature on May 15, 2030. Interest on the Notes will accrue at a rate of 6.625% per annum. Interest on the Notes will be payable semi-annually in cash in arrears on May 15 and November 15 of each year, commencing on May 15, 2025. Interest will accrue from November 25, 2024. Guarantees The Notes are fully and unconditionally guaranteed, jointly and severally, by the Company and certain of the Issuer's subsidiaries that incur or guarantee any indebtedness under the Issuer's amended and restated credit agreement, dated November 4, 2024, certain other bank indebtedness or any other material capital markets indebtedness (each, a "subsidiary guarantor" and together with the Company, the "guarantors"). Redemption The Issuer may redeem the Notes at any time prior to May 15, 2027, in whole or in part, at a redemption price equal to 100% of the accrued principal amount thereof plus unpaid interest, if any, to, but excluding, the redemption date, plus a make-whole premium. The Issuer may redeem the Notes, in whole or in part, at any time on or after May 15, 2027, in whole or in part, at a redemption price equal to (i) 103.313% of the principal amount thereof, should such redemption occur before May 15, 2028, (ii) 101.656% of the principal amount thereof, should such redemption occur before May 15, 2029, and (iii) 100.000% of the principal amount thereof, should such redemption occur on or after May 15, 2029, in each case plus accrued and unpaid interest, if any, to, but excluding, the redemption date. In addition, at any time from time to time prior to May 15, 2027, the Issuer may redeem up to 40% of the original agg
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 4.1 Indenture, dated November 25, 2024, among XHR LP, Xenia Hotel & Resorts, Inc., the subsidiary guarantors party thereto and Wilmington Trust, National Association, as trustee. 4.2 Form of 6.625% Senior Note due 2030 (included in Exhibit 4.1). 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Xenia Hotels & Resorts, Inc. Date: November 25, 2024 By: /s/ Atish Shah Name: Atish Shah Title: Executive Vice President and Chief Financial Officer