Starwood Hotels and Resorts Worldwide, Inc. Enters into Credit Agreement with a $1.5 Billion Revolving Loan Commitment
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Starwood Hotels and Resorts Worldwide, Inc. Enters into Credit Agreement with a $1.5 Billion Revolving Loan Commitment
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Category: Worldwide
This is a press release selected by our editorial committee and published online for free on 2006-02-14
Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) announced today that it has closed a new, five-year $1.5 billion Senior Credit Facility ("New Facility") on February 10, 2006. The New Facility replaces the existing $1.45 billion Revolving and Term Loan Credit Agreement ("Existing Facility") which would have matured in October, 2006. The New Facility enhances the Company's financial flexibility at a significantly lower financing cost and is expected to be used for general corporate purposes. The $1.5 billion multi-currency revolving loan commitment was provided by a syndicate of 24 banks, including Deutsche Bank, JP Morgan Chase Bank and Bank of America (Lead Arrangers), Societe Generale, and Calyon. The New Facility matures on February 10th, 2011.
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