- Sunstone Hotel Investors ( NYSE: SHO ) has entered into a second amended and restated credit agreement which expands the company's unsecured borrowing capacity and extends the maturity of the in-place loans.
- The amended agreement will provide a $500M revolving credit facility and increases the aggregate amount of the company's two term loan facilities from $108M to $350M.
- Facilities will bear interest ranging from 1.35% to 2.25%.
- $500M revolving credit facility has two six-month extension options, which would result in an extended maturity of July 2027.
- The two term loan facilities each have a balance of $175M and mature in July 2027 and January 2028.
- Company utilized proceeds received from the incremental borrowing on the term loans to fully repay the $230M that was outstanding on its revolving credit facility.
For further details see:
Sunstone Hotel Investors completes $850M amended and restated credit agreement