Sunstone Hotel extends covenant relief period through Sept 2022, amends credit and note agreements

Sunstone Hotel Investors, Inc.

Covenant Relief Period extended through Sept 30, 2022, with minimum fixed charge coverage ratio of 1.0 required as of June 30, 2022.
Ratio Adjustment Period extended by one quarter; original covenants phased in over five quarters after relief period.
As of Nov 23, 2021, $0 drawn on $500M revolver and $185M in term loans outstanding.
Fourth Note Agreement Amendment allows high yield bond issuance (≥$300M) to prepay the $205M outstanding Notes; change of control premium set at 102% until Nov 2023.
Effectiveness of amendments conditioned on either high yield bond issuance or asset sales generating ≥$130M net proceeds by Dec 31, 2021.

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