Starwood Hotels & Resorts enters new $1.75 billion facility

By Jennifer Chiou

New York, Nov. 30 - Starwood Hotels & Resorts Worldwide, Inc. announced that it has closed a new $1.75 billion multi-currency revolving credit facility with a syndicate of 27 banks, including JPMorgan Chase Bank, NA, Citigroup Global Markets Inc., Bank of America, NA, HSBC Bank USA, NA and Wells Fargo Bank, NA as lead arrangers.

The facility matures on Feb. 28, 2018.

The new loan replaces the company's existing $1.5 billion credit agreement, which was to mature on Nov. 15, 2013.

According to a press release, the new facility increases Starwood's financial flexibility and is expected to be used for general corporate purposes.

Stamford, Conn.-based Starwood owns, operates and franchises hotels.

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