Debt

Credit facility. During the quarter, we had net draws under the revolver portion of our credit facility of $50 million. As of September 30, 2016, we had $688 million of available capacity under the credit facility.

Subsequent to quarter end, we made additional net draws of $60 million on the revolver portion of our credit facility.

Mortgage Debt. During the quarter we amended the agreement for the mortgage loan secured by the Hilton Melbourne South Wharf, which extended the maturity of the loan to November 2017 and lowered the effective interest rate by 65 basis points.

In connection with the sale of the ibis Christchurch and Novotel Christchurch Cathedral Square, we repaid the NZ$23 million ($17 million) mortgage debt secured by the properties.