Affiliated REITs Amend $750M LOCs

Hospitality Properties Trust and HRPT Properties Trust, two affiliated real estate investment trusts based in Newton, Mass., have announced amendments to their $750 million revolving bank credit facilities.The interest rates on the facilities were both reduced to 55 basis points over the London interbank offered rate, and certain covenants were amended to "reflect current market conditions," the REITs reported. Hospitality Properties extended the maturity of its facility to Oct. 24, 2010, and HRPT Properties extended its facility to Aug. 22, 2010. Both feature a one-year extension option. Wachovia Securities and RBS Securities acted as joint lead arrangers for the amendment of the Hospitality Properties facility, while Wachovia acted alone as lead arranger for the amendment of the HRPT facility. The REITs can be found online at http://www.hptreit.com and http://www.hrpreit.com.