SUNSTONE HOTEL INVESTORS COMPLETES $1.35 BILLION AMENDED AND RESTATED CREDIT AGREEMENT
Sunstone Hotel Investors (NYSE: SHO) has secured a $1.35 billion Third Amended and Restated Credit Agreement, significantly strengthening its financial position. The agreement includes a $500 million revolving credit facility maturing in September 2029, two $275 million term loan facilities maturing in January 2029 and 2030, and a $300 million term loan facility due January 2031.
The facilities feature interest rates ranging from 1.35% to 2.25% over SOFR, with extension options available until 2030-2031. Through interest rate swaps, over 75% of the company's debt and preferred equity is now fixed-rate. The refinancing addresses all maturities through 2028 and extends the average maturity by over three years.
[ "Extended debt maturity profile by over 3 years with no maturities until 2028", "Increased borrowing capacity to $1.35 billion with improved financial flexibility", "Secured lower borrowing costs through leverage-based pricing grid", "Fixed interest rates on over 75% of debt and preferred equity through swaps" ]Sunstone Hotel Investors (NYSE: SHO) ha assicurato un Accordo di Credito Modificato e Riproposto da 1,35 miliardi di dollari, rafforzando significativamente la sua posizione finanziaria. L'accordo comprende una linea di credito revolving da 500 milioni di dollari in scadenza a settembre 2029, due facilità di prestito a termine da 275 milioni di dollari in scadenza a gennaio 2029 e 2030, e una facilità di prestito a termine da 300 milioni di dollari prevista per gennaio 2031.
Le strutture prevedono tassi di interesse compresi tra 1,35% e 2,25% sul SOFR, con opzioni di estensione disponibili fino al 2030-2031. Attraverso swap sui tassi di interesse, oltre il 75% del debito e delle azioni privilegiate della società è ora a tasso fisso. Il rifinanziamento copre tutte le scadenze fino al 2028 e allunga la media delle scadenze di oltre tre anni.
Ulteriori elementi:
- Estensione della maturità del debito di oltre 3 anni senza scadenze fino al 2028
- Aumento della capacità di indebitamento a 1,35 miliardi di dollari con maggiore flessibilità finanziaria
- Ottenuta una riduzione dei costi di prestito tramite una griglia di prezzo basata sul leverage
- Tassi di interesse fissi su oltre il 75% del debito e delle azioni privilegiate tramite swap
Sunstone Hotel Investors (NYSE: SHO) ha asegurado un Acuerdo de Crédito Tercero Modificado y Reformulado por 1.35 mil millones de dólares, fortaleciendo significativamente su posición financiera. El acuerdo incluye una línea de crédito revolvente de 500 millones de dólares con vencimiento en septiembre de 2029, dos facilidades de préstamo a plazo de 275 millones de dólares con vencimiento en enero de 2029 y 2030, y una facilidad de préstamo a plazo de 300 millones de dólares con vencimiento en enero de 2031.
Las facilidades presentan tasas de interés que oscilan entre 1,35% y 2,25% sobre SOFR, con opciones de extensión disponibles hasta 2030-2031. A través de swaps de tasas de interés, más del 75% de la deuda y del patrimonio preferente de la empresa está ahora a tasa fija. El refinanciamiento cubre todas las maturidades hasta 2028 y amplía la maduración promedio en más de tres años.
Elementos clave:
- Extensión de la maduración de la deuda en más de 3 años sin vencimientos hasta 2028
- Aumento de la capacidad de endeudamiento a 1,35 mil millones de dólares con mayor flexibilidad financiera
- Reducción de costos de endeudamiento mediante una grilla de precios basada en el apalancamiento
- Tasas de interés fijas en más del 75% de la deuda y del patrimonio preferente a través de swaps
Sunstone Hotel Investors (NYSE: SHO)가 13억 5천만 달러 규모의 제3차 수정 및 개정 신용계약을 확보해 재무 상태를 크게 강화했습니다. 계약에는 5천만 달러 순환신용한도가 포함되며 2029년 9월에 만료되고, 2억 7,500만 달러 규모의 만기 대출 facilities이 각각 2029년 1월과 2030년에 만료되며, 3억 달러 만기의 대출 facility이 2031년 1월에 만료됩니다.
대출 조항은 SOFR 대비 1.35%~2.25%의 이자율과, 2030-2031년까지 연장 옵션이 있습니다. 이자 스왑을 통해 회사의 부채 및 우선주 중 75% 이상이 고정금리로 바뀌었습니다. 재융자는 2028년까지의 모든 만기를 다루고 평균 만기를 3년 이상 연장합니다.
주요 내용:
- 부채 만기 연장으로 3년 넘게 미도래 달성, 2028년까지 모든 만기 없음
- 부채 한도 13억 5천만 달러로 증가, 금융 여력 확대
- 레버리지 기반 가격책정을 통한 차입 비용 절감
- 스왑으로 부채 및 우선주 75% 이상 금리 고정화
Sunstone Hotel Investors (NYSE: SHO) a obtenu un Contrat de Crédit Modifié et Reformulé à 1,35 milliard de dollars, renforçant nettement sa position financière. L'accord comprend une ligne de crédit revolving de 500 millions de dollars arrivant à échéance en septembre 2029, deux facilités de prêt à terme de 275 millions de dollars arrivant à échéance en janvier 2029 et 2030, et une facilité de prêt à terme de 300 millions de dollars arrivée à échéance en janvier 2031.
Les facilités prévoient des taux d'intérêt compris entre 1,35% et 2,25% au-dessus du SOFR, avec des options de prolongation disponibles jusqu'en 2030-2031. Grâce à des swaps de taux d'intérêt, plus de 75% de la dette et des actions privilégiées de la société sont désormais à taux fixe. Le refinancement couvre toutes les maturités jusqu'en 2028 et prolonge la maturité moyenne de plus de trois ans.
Éléments clés:
- Allongement de la maturité de la dette de plus de 3 ans sans échéances jusqu'en 2028
- Capacité d'emprunt augmentée à 1,35 milliard de dollars avec une flexibilité financière accrue
- Réduction des coûts d'emprunt grâce à une grille de tarification basée sur le levier
- Taux fixes sur plus de 75% de la dette et des actions privilégiées via des swaps
Sunstone Hotel Investors (NYSE: SHO) hat eine Third Amended and Restated Credit Agreement im Wert von 1,35 Milliarden USD gesichert, wodurch die finanzielle Position deutlich gestärkt wird. Die Vereinbarung umfasst eine revolvierende Kreditfazilität über 500 Millionen USD mit Fälligkeit September 2029, zwei Tilgungsdarlehen-Fazilitäten über 275 Millionen USD mit Fälligkeiten Januar 2029 und 2030 sowie eine Tilgungsfazilität über 300 Millionen USD mit Fälligkeit Januar 2031.
Die Einrichtungen sehen Zinssätze von 1,35% bis 2,25% über SOFR vor, mit Erweiterungsoptionen bis 2030-2031. Durch Zinssatz-Swaps ist nun über 75% der Verschuldung und der Vorzugsaktien der Gesellschaft festverzinslich. Die Refinanzierung deckt alle Fälligkeiten bis 2028 ab und verlängert die durchschnittliche Laufzeit um mehr als drei Jahre.
Wesentliche Punkte:
- Verlängerung der Verschuldungslaufzeit um über 3 Jahre, bis 2028 keine Fälligkeiten
- Schaffung einer höheren Verschuldungskapazität auf 1,35 Milliarden USD bei erhöhter finanzieller Flexibilität
- Senkung der Kreditkosten durch eine Verschuldungs-basierte Preisbildung
- Feste Zinssätze für über 75% der Verschuldung und Vorzugsaktien durch Swaps
Sunstone Hotel Investors (بورصة نيويورك: SHO) يضمن اتفاق اعتماد معدّل ومُعاد صياغته بقيمة 1.35 مليار دولار، مما يعزز موقعه المالي بشكل كبير. يتضمن الاتفاق تسهيل ائتماني دوّار بقيمة 500 مليون دولار يستحق في سبتمبر 2029، واثنتين من تسهيلات القرض لأجل بقيمة 275 مليون دولار تستحقان في يناير 2029 و2020، و< b>تسهيل قرض لأجل بقيمة 300 مليون دولار يستحق في يناير 2031.
تتميز التسهيلات بأسعار فائدة تتراوح بين 1.35% إلى 2.25% فوق SOFR، مع خيارات تمديد حتى 2030-2031. من خلال مقايضات سعر الفائدة، أصبح أكثر من 75% من الدين وحقوق التفضيل مملوكة كرسوم ثابتة. يعالج إعادة التمويل جميع تاريخ الاستحقاق حتى 2028 ويمدد المتوسط الاستحقاق لأكثر من ثلاث سنوات.
عناصر رئيسية:
- تمديد ملف الدين لأكثر من 3 سنوات بدون استحقاقات حتى 2028
- زيادة قدرة الاقتراض إلى 1.35 مليار دولار مع مرونة مالية محسّنة
- خفض تكاليف الاقتراض من خلال شبكة أسعار مبنية على قيمة الهيكل المالي
- أسعار فائدة ثابتة لأكثر من 75% من الدين وحقوق التفضيل عبر مقايضات
Sunstone Hotel Investors（NYSE: SHO） 已获得一项价值13.5亿美元的经第三次修改并重新表述的信贷协议，显著增强了其财务状况。该协议包括一项5亿美元的循环信贷额度，于2029年9月到期；两项各< b>2.75亿美元期限贷款，分别于2029年1月和2030年1月到期；以及一项3亿美元期限贷款，于2031年1月到期。
这些额度的利率在1.35%到2.25%之上SOFR，并提供延长期限至2030-2031年的选项。通过利率互换，该公司> 75%以上的债务与优先股现已为固定利率。再融资覆盖至2028年的所有到期日，并将平均到期时间延长超过3年。
要点包括：
- 债务到期日延长超过3年，直至2028年之前无到期日
- 融资能力提升至13.5亿美元，财务灵活性增强
- 通过基于杠杆的定价表降低借款成本
- 通过互换将超过75%的债务与优先股锁定为固定利率
- None.
- Increased total debt exposure with $1.35 billion in credit facilities
- Variable interest rate exposure on remaining 25% of debt
Insights
Sunstone's $1.35B credit restructuring strengthens its balance sheet, extends maturities, and lowers borrowing costs - a positive financial development.
Sunstone Hotel Investors has executed a strategic financial maneuver with its $1.35 billion amended credit agreement that addresses several key aspects of its capital structure. The new agreement effectively consolidates the company's previous four term loans into three loans while completely eliminating the outstanding balance on its revolving credit facility.
The new structure consists of a
The refinancing accomplishes three critical objectives: it addresses all near-term debt maturities through 2028, extends Sunstone's average debt maturity by over three years, and reduces overall borrowing costs through a leverage-based pricing grid ranging from
The delayed-draw feature allows Sunstone to postpone borrowing up to
This refinancing provides Sunstone with enhanced financial flexibility to execute its strategy while maintaining a focus on maximizing shareholder value. For a hotel REIT, having such extended debt maturities and no looming refinancing needs until 2028 creates significant operational stability, allowing management to focus on property-level operations and potential strategic acquisitions rather than near-term refinancing pressures.
"We are pleased to announce the recast of our credit facilities and appreciate the continued support from our banking partners. The expanded facilities address all maturities through 2028, extend our average maturity by over three years, and lower our overall cost of borrowing" stated Bryan A. Giglia, Chief Executive Officer. "Additionally, this financing provides improved financial flexibility for the Company to execute its strategy while continuing to pursue all avenues to maximize shareholder value."
The Amended Credit Agreement is composed of a
The Company utilized proceeds received from the incremental borrowing on the new term loans to consolidate its prior four term loans into three loans and to fully repay the outstanding balance on its revolving credit facility. In addition, the Company is delaying the draw of up to
The Company's unsecured credit facilities are led jointly by Wells Fargo Securities, LLC, BofA Securities, Inc., JPMorgan Chase Bank, N.A., PNC Capital Markets LLC,
About Sunstone Hotel Investors:
Sunstone Hotel Investors, Inc. is a lodging real estate investment trust ("REIT"). Sunstone's strategy is to create long-term stakeholder value through the acquisition, active ownership, and disposition of well-located hotel and resort real estate. For further information, please visit Sunstone's website at www.sunstonehotels.com.
For Additional Information:
Aaron Reyes
Chief Financial Officer
Sunstone Hotel Investors, Inc.
(949) 382-3018
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SOURCE Sunstone Hotel Investors, Inc.
FAQ
What is the size and structure of Sunstone Hotel Investors' (SHO) new credit agreement?
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