Starwood Hotels & Resorts gets $300 million term loan add-on

By Sara Rosenberg

New York, Aug. 16 - Starwood Hotels & Resorts Worldwide Inc. closed on a $300 million term loan add-on that will be used to repay revolving credit facility debt and for general corporate purposes, according to a company news release.

Including this add-on, the White Plains, N.Y., hotel and leisure company now has a credit facility that consists of a $1 billion revolver and a $600 million term loan, each maturing in 2006, with a one year extension option and a current interest rate of Libor plus 125 basis points, the release said.

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