Starwood Hotels gets $1.5 billion revolver

By Sara Rosenberg

New York, Feb. 13 - Starwood Hotels & Resorts Worldwide Inc. closed on a new $1.5 billion five-year senior revolving credit facility (-/-/BB+), according to a company news release.

Deutsche Bank, JP Morgan Chase Bank and Bank of America acted as the lead arrangers on the deal. Societe Generale and Calyon were involved as well. All in all, the syndicate is comprised of 24 banks.

Borrowings are available for general corporate purposes.

The new revolver, which closed on Friday, replaces the company's previous $1.45 billion credit facility that was scheduled to mature in October 2006 and included a revolver and a term loan.

The new revolver enhances the company's financial flexibility at a significantly lower financing cost, the release added.

Starwood Hotels & Resorts is a White Plains, N.Y.-based hotel and leisure company.

© 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.