Starwood May Seek Refinancing
February 25, 2010
White Plains, N.Y.-based hotel operator Starwood Hotel & Resorts scheduled a March 12 meeting with lenders, who believe the company may seek to amend and extend or seek a refinancing for some of its securities, according to a report.
The company has been working to restructure its debt since last year, when it amended a $1 billion term loan B and a $1.875 billion revolver. Starwood also issued $250 million in 7.15% senior notes due 2019 to finance a tender offer (LFN, Nov. 6, 2009).
The company’s debt also includes $500 million in 7.875% senior notes due 2014; $600 million in 6.25% notes due 2013; and $800 million in 7.785% senior unsecured notes due 2012.
A company representative was not immediately available for comment.
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