EQUITY INNS INCREASES LINE OF CREDIT TO $69 MILLION.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)--May 30, 1995--Equity Inns, Inc. (Nasdaq/NM:ENNS) today announced that it has signed a loan agreement with a group of banks led by National Bank of Commerce increasing the company's revolving line of credit Revolving line of credit A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. to $69 million from $56 million. The participating banks include Deposit Guaranty As a verb, to agree to be responsible for the payment of another's debt or the performance of another's duty, liability, or obligation if that person does not perform as he or she is legally obligated to do; to assume the responsibility of a guarantor; to warrant. National Bank, Mercantile Bank of St. Louis, Bank of Mississippi, Union Planters Planters is an American snack food company under Kraft Foods manufacturing, best known for its nuts and the Mr. Peanut icon that symbolizes them. Started by Italian immigrants Amedeo Obici and Mario Peruzzi in Wilkes-Barre, Pennsylvania, in 1906, it was incorporated in 1908 National Bank, Trust Company Bank and First National Bank of Commerce. Phillip H. McNeill, Sr., chairman and chief executive officer, said, "The additional flexibility which this financing provides will allow us to continue to pursue our aggressive acquisition plans. The banks participating in the line of credit facility are all high quality institutions and have the capacity to meet our banking needs as we continue to grow." 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. owning 20 Hampton Inn hotels, 2 Residence Inns, 2 Holiday Inns, 1 Comfort Inn, and 1 Holiday Inn Express. CONTACT: Equity Inns, Inc., Memphis Phillip H. McNeill, Sr., 901/761-9651 |
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