Host Hotels (HST) Enters New $500M Term Loan
Host Hotels & Resorts, Inc. (NYSE: HST) today announced that it has closed on a term loan for $500 million ("Term Loan") through an amendment and restatement of its existing credit facility. The Term Loan has a five-year maturity and the interest rate spread depends on the Company's leverage ratio. Based on the Company's current leverage ratio, the Term Loan has a floating interest rate of LIBOR plus 180 basis points (or approximately a 2.0% all-in interest rate). Proceeds from the Term Loan will be used to repay a portion of the revolver draw associated with the Company's recent acquisition of the 888-room Grand Hyatt Washington, D.C., as well as to redeem $400 million of senior notes. The Term Loan was arranged by Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities, LLC, as joint lead arrangers and joint book runners.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- US Foods (USFD) IPO Opens Up 5%
- Depomed (DEPO) Issues Response to Starboard; Surprised About Public Solicitation Plans
- Coherus BioSciences (CHRS) Issued Three U.S. Patents Related to CHS-1420
Create E-mail Alert Related CategoriesCorporate News
Related EntitiesJPMorgan, Merrill Lynch, Wells Fargo
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!