Starwood Completes Amendment to Credit Agreements
APRIL 29, 2009 - Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today that it has successfully completed an amendment to its existing Credit Agreements.
Among other things, the amendment:
1) Increases the maximum leverage calculation from 4.5 times to 5.5 times
2) Refines the definition of EBITDA to exclude cash restructuring charges
3) Maintains full capacity at $1.875 billion
The amendments were done in exchange for upfront fees, higher interest rates and some additional modifications to the agreements. In addition, the Company pre-paid the $500 million bank term loan due June 29, 2009 by simultaneously drawing down its Revolver.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
