Document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________________________________
FORM 8-K
________________________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 23, 2016
________________________________________________________________________
CHESAPEAKE LODGING TRUST
(Exact name of registrant as specified in its charter)
________________________________________________________________________
|
| | | | |
Maryland | | 001-34572 | | 27-0372343 |
(State or other jurisdiction of incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
|
| | |
1997 Annapolis Exchange Parkway, Suite 410 Annapolis, MD | | 21401 |
(Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code: (410) 972-4140
Not Applicable
(Former name or former address, if changed since last report.)
________________________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
|
| |
o
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
| |
o
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
| |
o
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
| |
o
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 1.01. Entry into a Material Definitive Agreement.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.
On June 23, 2016, an indirect, wholly owned subsidiary of Chesapeake Lodging Trust (the “Trust”) entered into a loan agreement with Metropolitan Life Insurance Company ("MetLife") to obtain a $150.0 million loan maturing in July 2026. The loan is secured by a first mortgage lien on the Trust’s Hyatt Regency Boston, and the related equipment, fixtures, personal property and other assets associated with the hotel. Proceeds from the loan are expected to be used to repay outstanding borrowings under the Trust’s revolving credit facility.
The loan carries a fixed interest rate of 4.25% per annum, with principal and interest payments based on a 30-year principal amortization. The loan agreement and related documents contain representations, warranties, covenants, conditions and events of default customary for property mortgage financings of this type.
A copy of the Trust’s press release announcing the new financing is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
|
| | |
Exhibit No. | | Exhibit Description |
| |
99.1 | | Press release dated June 23, 2016. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
| | | | | | |
| | | | | | |
Date: June 23, 2016 | | | | CHESAPEAKE LODGING TRUST |
| | | |
| | | | By: | | /s/ Graham J. Wootten |
| | | | | | Graham J. Wootten |
| | | | | | Senior Vice President and Chief Accounting Officer |