The refinancing extends maturities and maintains ample liquidity. Monitor Host's leverage ratio and debt ratings for potential future pricing adjustments under the new leverage-based and sustainability-linked pricing mechanisms.
Price Chart
Executive Summary
Host Hotels & Resorts, L.P. amended and restated its senior unsecured credit facility, replacing a $1.5B revolver (maturing Jan 2027) with a new $1.5B revolver maturing Jan 2031, and refinancing two $500M term loans (Term A-1 maturing Jan 2031, Term A-2 maturing Jan 2032). The facility includes a $1.25B accordion, sustainability-linked pricing adjustments, and financial covenants substantially unchanged from the prior agreement. As of closing, $500M was outstanding under each term loan and no revolver borrowings were drawn.
Key Financial Metrics
Key Facts
- Host LP entered into a Seventh Amended and Restated Credit Agreement dated October 21, 2026, refinancing the existing $1.5B revolver and two $500M term loans.
- The new revolver matures January 15, 2031 (extendable by up to one year); Term A-1 matures January 15, 2031 (extendable by one year); Term A-2 matures January 15, 2032.
- SOFR margins for the revolver range from 65 to 135 bps; for the term loans, 70 to 155 bps, based on unsecured long-term debt rating.
- A new leverage-based pricing adjustment reduces margins by one notch when leverage is at or below 4.00x.
- Sustainability pricing adjustments can alter revolver rates by up to 4 bps and term loan rates by up to 5 bps annually.
- The facility includes a $1.25B accordion feature for future increases in commitments.
- Financial covenants: max leverage 7.25x, min fixed charge coverage 1.25x, min unsecured interest coverage 1.75x (or 1.50x if leverage >= 7.00x).
- As of closing, $500M was outstanding under each of Term A-1 and Term A-2; no revolver borrowings were outstanding.
- The agreement removes certain debt and lien covenants that were in the prior facility.
Financial Impact
Refinancing extends maturities by 4-5 years on $2.5B of committed facilities, with no change in principal amounts. Pricing and covenants are broadly consistent with the prior facility.
Risk Factors
- No material financial data or earnings information was provided in this filing.
- The filing contains standard boilerplate language for a credit agreement.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001070750-26-000150 |
| Document: hst-20261021.htm | 0001070750-26-000150 |
| Document: 0001070750-26-000150-index-headers.html | 0001070750-26-000150 |
| Document: 0001070750-26-000150-index.html | 0001070750-26-000150 |
| Document: 0001070750-26-000150.txt | 0001070750-26-000150 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | 8-K | $25.06 | awaiting T+20 | awaiting T+20 | $25.27 (+0.86%) |
Sep 14, 2026 6w ago | Press Release | $22.13 $23.22 | ▲ +4.93% | ▲ +2.20% | $25.27 (+14.21%) |
Aug 25, 2026 9w ago | Insider Cluster | $22.43 $22.21 | ▼ −0.98% | ▼ −1.12% | $25.27 (+12.68%) |
Aug 6, 2026 11w ago | Press Release | $23.29 $22.05 | ▼ −5.32% | ▼ −4.93% | $25.27 (+8.52%) |
May 6, 2026 24w ago | 8-K | $21.67 $23.85 | ▲ +10.06% | ▲ +6.92% | $25.27 (+16.64%) |
May 6, 2026 24w ago | Press Release | $21.67 $23.85 | ▲ +10.06% | ▲ +6.92% | $25.27 (+16.64%) |
Apr 8, 2026 29w ago | DEFA14A | $19.71 $21.31 | ▲ +8.12% | ▼ −0.43% | $25.27 (+28.23%) |
Mar 23, 2026 31w ago | Press Release | $18.77 $20.85 | ▲ +11.08% | ▲ +2.18% | $25.27 (+34.66%) |
US Market Status
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