Press Release: Host Marriott Corporation
June 17, 2002
BETHESDA, Md., June 14 /PRNewswire-FirstCall/ -- Host Marriott Corporation (NYSE: HMT), Friday announced that it
successfully completed the syndication of a new bank credit facility replacing its prior credit line. The new credit
facility provides the Company with an aggregate revolving loan commitment amount of up to $400 million.
The new facility is led by Deutsche Bank Trust Company Americas and Bank of America, N.A. The loan has an initial
maturity of June 2005, with an option to extend for an additional year if certain conditions are met. The facility
will bear interest at a floating rate. There are currently no amounts outstanding under the new facility.
Robert E. Parsons, Jr., executive vice president and chief financial officer, commented, "We are extremely
pleased with this transaction. The new credit facility has an initial maturity which is two years beyond the maturity
of the credit facility it replaced. While pricing on the new credit facility is comparable to the facility it replaced,
we have achieved much greater flexibility."
Mr. Parsons added, "Coupled with the significant cash balances that we are currently holding, this new facility
will enable us to take advantage of expected future opportunities. Our credit facility, which was significantly
oversubscribed and included a syndicate of fourteen lending institutions, confirms Host Marriott's ongoing ability
to access the capital markets."
Host Marriott is a Fortune 500 lodging real estate company that currently owns or holds controlling interests in
122 upscale and luxury hotel properties primarily operated under premium brands such as Marriott, Ritz-Carlton,
Hyatt, Four Seasons, Swissotel and Hilton. For further information, please visit the Company's website at http://www.hostmarriott.com
.
SOURCE: Host Marriott Corporation