Starwood Hotels and Resorts Worldwide, Inc. Enters into New Credit Agreement with a $1.5 Billion Revolving Loan Commitment
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Starwood Hotels and Resorts Worldwide, Inc. Enters into New Credit Agreement with a $1.5 Billion Revolving Loan Commitment
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Category: Worldwide - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2010-04-23
Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) announced today that it has closed a new $1.5 billion Senior Credit Facility ("New Facility") on April 20, 2010. The New Facility matures on November 15, 2013 and replaces the existing $1.875 billion Revolving Credit Agreement ("Existing Facility") which would have matured on February 11, 2011. The New Facility enhances the Company's financial flexibility 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 and JP Morgan Chase Bank as Lead Arrangers.
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