Host Marriott amends loan to increase size, extend maturity, modify covenants

By Sara Rosenberg

New York, Sept. 14 - Host Marriott Corp. amended its credit facility, increasing the size to $575 million, extending the maturity to September 2008 and modifying the covenants, according to a company news release.

The maturity of the facility can also be extended for an additional year under certain circumstances.

Deutsche Bank, Bank of America and Citicorp North America Inc. were the lead banks on the deal.

There are currently no amounts outstanding under the amended facility.

"We are very pleased with the terms of this newly amended credit facility. The amended credit facility provides greater flexibility and access to $575 million at a reduced cost," said Edward Walter, executive vice president and chief financial officer, in the release.

Host Marriott is a Bethesda, Md., owner of upscale and luxury full-service hotel properties.

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