Sunstone amends loan to cut interest rate

New York, June 7 - Sunstone Hotel Investors, Inc. said it has amended its $75 million subordinate term loan facility to lower the interest rate to Libor plus 225 basis points from Libor plus 400 basis points.

Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Inc., and Morgan Stanley are joint lead arrangers.

"As a result of our operating performance and our recent capital structure initiatives, we had the opportunity to renegotiate our term loan facility and lower the interest rate on our term loan," said Jon D. Kline, Sunstone's executive vice president and chief financial officer, in a news release.

Sunstone is a San Clemente, Calif.-based lodging real estate investment trust.

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