debt
confidence high
sentiment positive
materiality 0.60
Sunstone amends unsecured debt agreements, removes $250M acquisition cap
Sunstone Hotel Investors, Inc.
- Covenant limiting unencumbered hotel acquisitions to $250M removed during waiver period.
- Mandatory prepayment from asset sales or equity issuances eliminated unless default occurs.
- $500M revolver undrawn; $185M term loans and $205M private placement notes outstanding.
- Financial covenant waiver continues through March 31, 2022 with minimum liquidity threshold.