Starwood secures $1.75B line of credit

Starwood Hotels & Resorts Worldwide Inc. has entered into a new, $1.75 billion revolving loan commitment, the Stamford company announced Nov. 30.

The new line of credit, which matures Feb. 28, 2018, replaces an existing $1.5 billion loan that would have matured Nov. 15, 2013.

Starwood said the new line of credit would provide it with enhanced financial flexibility and is expected to be used for general corporate purposes.

The multi-currency loan commitment was provided by a syndicate of 27 banks, including JPMorgan Chase Bank, Citigroup Global Markets, Bank of America, HSBC Bank USA, and Wells Fargo Bank as lead arrangers.