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Starwood Hotels Enters Into New $1.75 Billion Credit Facility

December 03, 2012, 08:22 AM

Starwood Hotels & Resorts Worldwide closed a new $1.75 billion senior credit facility on November 30, 2012. The new facility matures on February 28, 2018, or such later date as may be adjusted from time to time, and replaces its existing $1.5 billion credit agreement scheduled to mature on November 15, 2013.

The new facility enhances the company’s financial flexibility and is expected to be used for general corporate purposes. The $1.75 billion multi-currency revolving loan commitment was provided by a syndicate of 27 banks, including JPMorgan Chase Bank, Citigroup Global Markets, Bank of America, HSBC Bank USA and Wells Fargo Bank as lead arrangers.

Starwood Hotels & Resorts Worldwide is a leading hotel and leisure company with 1,128 properties in nearly 100 countries and approximately 154,000 employees at its owned and managed properties. Starwood is a fully integrated owner, operator and franchisor of hotels, resorts and residences with the following internationally renowned brands: St. Regis, The Luxury Collection, W, Westin, Le Méridien, Sheraton, Four Points by Sheraton, Aloft and Element.

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