Host Hotels amends loan, increasing size, extending tenor, lowering rate

By Sara Rosenberg

New York, May 29 - Host Hotels & Resorts Inc. amended its credit facility, increasing the size to $600 million, extending the maturity by three years to September 2011 and lowering pricing, according to a company news release.

Pricing on the facility can now range from Libor plus 65 to 150 basis points, depending on leverage. By comparison, before the amendment, pricing ranged from Libor plus 200 bps to 375 bps.

The initial interest rate is set at Libor plus 65 bps.

There is a one-year extension option and a $400 million accordion feature.

Deutsche Bank, Bank of America and Citigroup acted as joint lead arrangers and joint bookrunners on the deal.

Host Hotels is a Bethesda, Md.-based lodging real estate investment trust.

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