Sunstone Hotel Investors closes $850M credit agreement, extends maturities to 2027/2028

Sunstone Hotel Investors, Inc.

New $500M unsecured revolver plus $350M term loans (two $175M tranches), up from $108M prior.
Proceeds used to fully repay the $230M outstanding on the prior revolver; facility now undrawn.
Revolver matures July 2026 with two six-month extension options to July 2027; term loans mature July 2027 and Jan 2028.
Interest rate ranges from 1.35% to 2.25% over adjusted SOFR based on leverage; sustainability-linked pricing can lower margin by 0.02%.
Covenants include max leverage 6.5x, min fixed-charge coverage 1.5x, and unencumbered borrowing base of at least 7 properties / $500M.

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