Sunstone Hotel (SHO) Amends Credit Facility
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Sunstone Hotel Investors, Inc. (NYSE: SHO) announced today that it has amended its revolving credit facility. The amendment reduces the facility's minimum fixed charge coverage covenant from 1.50:1.00 to 1.00:1.00, with added flexibility to drop to 0.90:1.00 for up to four quarters. Additionally, the amendment eliminates the facility's 65% maximum total leverage covenant and replaces it with a 9.50:1.00 maximum net debt to EBITDA covenant, which may be increased to 10.50:1.00 for up to four quarters. The facility's size was reduced from $200 million to $85 million. There are currently no borrowings outstanding on the facility, and $3.5 million of secured letters of credit associated with the facility.
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