Host Hotels & Resorts Refinances $2.5B Senior Unsecured Credit Facility

Overview of the Filing

On October 21, 2026, Host Hotels & Resorts, L.P. ("Host LP"), the operating partnership of Host Hotels & Resorts, Inc. ("Host Inc."), amended and restated its senior unsecured bank credit facility via the Seventh Amended and Restated Credit Agreement with Bank of America, N.A. as administrative agent, alongside Wells Fargo Bank, N.A. and JPMorgan Chase Bank, N.A. as co-syndication agents.

Key Terms & Structure

1. Refinancing Scope:

   • $1.5 Billion Revolving Credit Facility: Replaces the previous $1.5B tranche maturing in January 2027 with a new tranche maturing January 15, 2031, extendable by up to one year.
   • $500 Million Term A-1 Facility: Replaces the existing $500M tranche maturing in January 2027 with a new tranche maturing January 15, 2031, extendable by up to one year.
   • $500 Million Term A-2 Facility: Replaces the existing $500M tranche maturing in January 2028 with a new tranche maturing January 15, 2032 (no extension option).

2. Pricing Structure & Features:

   • Revolver Margins: SOFR + 65 to 135 bps (or base rate + 0 to 35 bps), with facility fees of 10 to 30 bps.
   • Term Loan Margins: SOFR + 70 to 155 bps (or base rate + 0 to 55 bps).
   • Leverage-Based Adjustment: If Host LP's leverage ratio is ≤ 4.00:1.00, applicable margins and facility fees improve by one pricing notch above the debt-rating tier.
   • Sustainability Adjustments: Continuation of ESG-linked margin adjustments based on targets for green building certifications and renewable electricity usage (±4.0 bps on revolver, ±1.0 bp on facility fee, ±5.0 bps on term loans).

3. Liquidity & Capacity:

   • Accordion Feature: Option to expand commitments by up to $1.25 billion.
   • Subfacilities: Foreign currency subfacility up to $500 million (CAD, AUD, EUR, GBP, MXN), $100 million swingline subfacility, and $100 million letter of credit subfacility.
   • Current Drawdown: As of October 21, 2026, $0 was drawn under the revolver (excluding letters of credit), while $1.0 billion total was outstanding across the Term A-1 and Term A-2 facilities.

Financial Covenants

Financial covenants remain largely consistent with the prior agreement:

• Fixed Charge Coverage Ratio: Minimum 1.25:1.00.
• Leverage Ratio: Maximum 7.25:1.00.
• Unsecured Interest Coverage Ratio: Minimum 1.75:1.00 (or 1.50:1.00 if leverage is ≥ 7.00:1.00).

Strategic & Market Implications

This refinancing successfully clears Host Hotels & Resorts' debt maturity runway through 2031–2032 for its primary bank credit facilities, locking in flexible borrowing terms and maintaining substantial liquidity without facing near-term refinancing pressures.