EQUITY INNS COMPLETES $130 MILLION LINE OF CREDIT.MEMPHIS Memphis, city, ancient Egypt Memphis (mĕm`fĭs), ancient city of Egypt, capital of the Old Kingdom (c.3100–c.2258 B.C.), at the apex of the Nile delta and 12 mi (18 km) from Cairo. , Tenn.--(BUSINESS WIRE)--Dec. 1, 1995--Equity Inns, Inc. (Nasdaq\NM:ENNS) today announced that it has closed on a $130 million line of credit, one of the largest lines of credit extended to a hotel real estate investment trust. The lead agent for the line of credit is Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. Mortgage Capital Group. The co-agents for the line of credit are First National Bank of Chicago and National Bank of Commerce. Co-lenders in the line of credit are Leader Federal Bank for Savings, AmSouth Bank of Alabama, First National Bank of Commerce of New Orleans New Orleans (ôr`lēənz –lənz, ôrlēnz`), city (2006 pop. 187,525), coextensive with Orleans parish, SE La., between the Mississippi River and Lake Pontchartrain, 107 mi (172 km) by water from the river mouth; founded , Bank of Mississippi, and the Mercantile Bank of St. Louis National Association. Phillip H. McNeill, Sr., chairman and chief executive officer, said, "The line of credit carries a very attractive interest rate of 1.75% over LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). , a reduction of our prior interest rate, and has a term of two years. We will use this line of credit to fund the acquisition of additional hotels and for general corporate purposes. The closing of this new line of credit places Equity Inns in an extremely strong financial position." Equity Inns, Inc. is a self-advised real estate investment trust headquartered in Memphis, Tennessee For the ancient Egyptian capital, see . Memphis is a city in the southwest corner of Tennessee, and the county seat of Shelby County. Memphis rises above the Mississippi River on the 4th Chickasaw Bluff just below the mouth of the Wolf River. , which currently owns or has under contract 35 hotels with an aggregate of 4,198 rooms in 19 states consisting of 25 Hampton Inns, 3 Residence Inns, 3 Holiday Inns, 3 Comfort Inns and 1 Holiday Inn Express. CONTACT: Equity Inns, Inc., Memphis Howard A. Silver, 901/761-9651 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion