JPMorgan Chase, Others Arrange New Facility for Starwood Hotels
Starwood Hotels & Resorts Worldwide, Inc. announced that it has closed a new $1.75 billion senior credit facility on November 30, 2012. The new facility matures on February 28, 2018 and replaces the existing $1.5 billion credit agreement, which would have matured 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, Inc. is a hotel and leisure company with 1,128 properties in nearly 100 countries and approximately 154,000 employees at its owned and managed properties.
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