Sunstone Hotel Partnership gets $150 million three-year revolver

By Sara Rosenberg

New York, Nov. 5 - Sunstone Hotel Partnership LLC closed on a $150 million three-year revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Friday.

Bank of America and JPMorgan acted as the joint lead arrangers and bookrunners on the deal that was completed on Nov. 1, with Bank of America the administrative agent.

Pricing on the revolver can range from Libor plus 325 basis points to 425 bps based on leverage. Initial pricing is Libor plus 425 bps.

The unused fee can range from 40 bps to 75 bps based on usage.

There is a $100 million accordion feature.

Financial covenants include leverage ratios, coverage ratios and minimum tangible net worth.

Proceeds will be used for general corporate purposes, including capital expenditures, acquisition financing and repayment of debt.

Sunstone is an Aliso Viejo, Calif.-based real estate investment trust focused on luxury, upper upscale and upscale full-service hotels.

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