EQUITY INNS TO NEARLY DOUBLE ITS LINE OF CREDIT TO $130 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)--September 18, 1995--Equity Inns, Inc. (Nasdaq/NM:ENNS) today announced that it has received a commitment for one of the largest lines of credit extended to a hotel real estate investment trust. The line of credit is for $130 million and replaces the Company's existing $69 million line of credit. The 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. National Bank of Commerce, lead agent for the Company's existing $69 million line of credit, is acting as a co-agent Co-agent An institution appointed by the issuer as co-transfer agent accepts and transfers certificates and sends daily activity journals to the primary record-keeping agent. for the loan. Phillip H. McNeill, Sr., chairman and chief executive officer, said, "We are extremely pleased to announce this new $130 million line of credit. This line of credit will be available to fund the acquisition of additional hotels and for general corporate purposes and will allow us to continue Equity Inns' rapid growth." McNeill went on to say, "The term of the credit facility is two years and carries a very attractive interest rate of 1.75% over LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). . We expect to close this new line of credit prior to October 31, 1995." 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 34 hotels with an aggregate of 4,018 rooms in 18 states consisting of 25 Hampton Inns, 3 Residence Inns, 3 Holiday Inns, 2 Comfort Inns and 1 Holiday Inn Express. CONTACT: Equity Inns, Inc., Memphis Howard A. Silver, 901/761-9651 |
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