"The amended credit facility provides greater flexibility and access to $575 million at a reduced cost," company executive vice president and CFO Edward Walter explains. Deutsche Bank, Bank of America NA and Citicorp North America Inc. led the transaction.
The existing credit facility started out with a $400-million face value when it was completed in 2002 with Deutsche Bank and Bank of America. In 2003, Host Marriott amended financial covenants of the facility, the terms of which called for the face value to be automatically reduced to $300 million later that year. As part of the most recent amendment, further unspecified modifications to the covenants were made.
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