Host Marriott draws $100 million on credit facility, plans to repay

New York, Oct. 17 - Host Marriott Corp. said it drew down $100 million from its credit facility - but said it plans to repay the extra borrowings.

Proceeds of the draw - made on Friday - were used to retire the remaining mortgage on the company's Canadian properties and for general corporate purposes.

The Bethesda, Md., company said in a 10-Q filing with the Securities and Exchange Commission that it intends to repay the borrowings during the fourth quarter using available cash and $68 million of restricted cash that will be released because Host Marriott met the conditions to make the cash available at the end of the third quarter.

Host Marriott added in the 10-Q that: "Reducing future interest payments and leverage remains a key management priority."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.