- Host Hotels & Resorts (NASDAQ:HST) amended and restated its existing $2.5B credit facility, extending maturities to January 2028 from January 2025, the REIT said Wednesday.
- The agreement continues to provide a $1.5B revolving credit facility and two $500M term loans. The amended and restated credit agreement reflects no increase in pricing and will bear interest according to a credit ratings-based grid ranging from 0.725%-1.600% over the applicable adjusted term SOFR.
- The agreement adds initiatives linked to portfolio sustainability initiatives, including green building certifications and renewable electricity usage.
- At closing, no amounts were outstanding under the revolving credit facility other than existing letters of credit, and $1B was outstanding under the two term loans. Host's (HST) debt has a weighted average maturity of 5.2 years, an average interest rate of 4.4%, and no significant maturities until April 2024.
- Host Hotels (HST) stock slipped 1.0% in Wednesday after-hours trading.
- In Q3, Host (HST) FFO of $0.38 per unit missed consensus by $0.01 and revenue of $1.19B beat by $20M
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