secwatch.observer — SEC 8-K summary
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Issuer:     Sunstone Hotel Investors, Inc. (SHO)
CIK:        0001295810
Form:       8-K
Filed at:   2021-11-26T23:59:59+00:00
Accession:  0001104659-21-144008
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1295810/000110465921144008/0001104659-21-144008-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1295810/000110465921144008/tm2133804d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-21-144008

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