WHITE PLAINS, NY— Starwood Hotels & Resorts Worldwide, Inc. has closed its new, five-year $1.3 billion senior credit facility, comprised of a $1 billion revolving loan and a $300 million term loan. Each loan matures in 2006 with a one-year extension option, with an initial interest rate of LIBOR plus 1.625%. The proceeds of the new facility were used to repay all amounts owed under Starwoods existing senior credit facility, which was due to mature Feb. 23, 2003. The co-lead managers for the new facility are Deutsche Bank and JPMorgan Chase, and the co-documentation agents are Bank of America, Fleet National Bank and Societe Generale. With the successful completion of this facility, Starwood has refinanced over $2.8 billion of debt in 2002 and has nearly $600 million of capacity under its domestic and international revolving lines of credit.
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