WHITE PLAINS, NY— Starwood Hotels & Resorts Worldwide, has closed an 18 month 450 million Euro (US$404.6 million) loan with a group of international banks led by Credit Lyonnais. The proceeds of the Euro loan are being drawn in two parts; the first 270 million Euros (US$242.7 million) was used to repay the existing 270 million Euro facility and, while subject to certain conditions being satisfied, the remaining 180 million Euros (US$161.9 million) will be drawn to repay a portion of the companys corporate revolver. After the second draw, availability under the companys revolver should be in excess of $500 million.
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