Host Hotels & Resorts, Inc. Announces Extension of $1.5 Billion Credit Facility to 2022
June 01 2017 - 04:15PM
Host Hotels & Resorts, Inc. (NYSE:HST) today announced that it
has taken advantage of current market conditions and amended and
extended its existing $1 billion senior unsecured revolver
scheduled to mature in 2018 and its $500 million term loan
scheduled to mature in 2017.
The amended facility will extend the maturity
for both the revolver and term loan to 2022 (including extensions)
and, based on current debt ratings, the initial interest rate is
one-month Libor plus 100 basis points on the revolver and 110 basis
points on the term loan (all-in rates of approximately 2.0% and
2.1% today, respectively, for U.S. dollar denominated borrowings).
The Company’s separate $500 million 2015 term loan was not modified
and will remain outstanding, maturing in 2020.
Gregory J. Larson, executive vice president and
chief financial officer, said, “Due to the Company’s strong
investment-grade balance sheet, we have the financial flexibility
to opportunistically manage our maturity schedule while remaining
within our target leverage range as this transaction demonstrates.
With this extension, we have no meaningful debt maturities until
September 2020. We will continue to prudently deploy capital
for long-term accretive growth opportunities while advancing our
redevelopment initiatives and returning capital to
stockholders.”
About Host Hotels &
Resorts
Host Hotels & Resorts, Inc. is an
S&P 500 and Fortune 500 company and is the largest lodging real
estate investment trust and one of the largest owners of luxury and
upper-upscale hotels. The Company currently owns 90 properties
in the United States and 7 properties internationally totaling
approximately 53,900 rooms. The Company also holds non-controlling
interests in seven joint ventures, including one in Europe that
owns 10 hotels with approximately 3,900 rooms. Guided by a
disciplined approach to capital allocation and aggressive asset
management, the Company partners with premium brands such as
Marriott®, Ritz-Carlton®, Westin®, Sheraton®, W®, St. Regis®, Le
Meridien®, The Luxury Collection®, Hyatt®, Fairmont®, Hilton®,
Swissôtel®, ibis®, Pullman®, and Novotel® as well as independent
brands in the operation of properties in over 50 major markets
worldwide. For additional information, please visit the Company's
website at www.hosthotels.com.
*This press release contains registered
trademarks that are the exclusive property of their respective
owners. None of the owners of these trademarks has any
responsibility or liability for any information contained in this
press release.
Bret D.S. McLeod
Senior Vice President
240.423.1542
Gee Lingberg
Vice President
240.744.5275
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