Host Hotels & Resorts Inc. subsidiary Host Hotels & Resorts LP amended its existing senior unsecured bank credit facility signed May 31, 2017, with lenders including Bank of America NA acting as administrative agent.
The lodging real estate investment trust replaced and refinanced its existing $1.00 billion revolving credit facility due May 2021 with a new $1.50 billion revolver and extended the maturity to Jan. 11, 2024, with up to two six-month extension options.
The REIT also replaced and refinanced two term-loan facilities of $500.0 million each due in May 2021 and September 2020, respectively, with new facilities of the same amount. The company extended the maturity of the May 2021 facility to Jan. 11, 2024, with a one-year extension option and the September 2020 facility to Jan. 9, 2025, with no further extension option.
Host Hotels said the interest rate on all borrowings will be based on London interbank offered rate or a base rate plus a margin that varies according to the subsidiary's unsecured long-term debt rating.
The amendments also provide for a foreign currency subfacility for Canadian dollars, Australian dollars, euros, British pounds sterling and, if available to the lenders, Mexican pesos of up to the foreign currency equivalent of $500.0 million, subject to a lower amount in the case of Mexican pesos borrowings.
The company may also have an option to add in the future $500.0 million of commitments to be used for additional borrowings under the revolver and/or term loans, subject to obtaining additional loan commitments. A subfacility of up to $100.0 million for swingline borrowings in currencies other than U.S. dollars and a subfacility of up to $100.0 million for issuances of letters of credit may also be provided.