Starwood 2010 Annual Report Download - page 146

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Note 16. Debt
Long-term debt and short-term borrowings consisted of the following (in millions):
2010 2009
December 31,
Senior Credit Facilities:
Revolving Credit Facility interest rates ranging from 1.10% to 2.50% at December 31,
2010, maturing 2013 ................................................. $ — $ —
Revolving Credit Facility, terminated in 2010 ................................. — 114
Senior Notes, interest at 7.875%, maturing 2012 ................................ 609 608
Senior Notes, interest at 6.25%, maturing 2013 ................................. 504 498
Senior Notes, interest at 7.875%, maturing 2014 ................................ 490 485
Senior Notes, interest at 7.375%, maturing 2015 ................................ 450 449
Senior Notes, interest at 6.75%, maturing 2018 ................................. 400 400
Senior Notes, interest at 7.15%, maturing 2019 ................................. 245 244
Mortgages and other, interest rates ranging from 2.15% to 9.00%, various maturities...... 159 162
2,857 2,960
Less current maturities ................................................... (9) (5)
Long-term debt ......................................................... $2,848 $2,955
Aggregate debt maturities for each of the years ended December 31 are as follows (in millions):
2011 ........................................................................ $ 9
2012 ........................................................................ 653
2013 ........................................................................ 557
2014 ........................................................................ 494
2015 ........................................................................ 457
Thereafter .................................................................... 687
$2,857
The Company maintains lines of credit under which bank loans and other short-term debt are drawn. In
addition, smaller credit lines are maintained by the Company’s foreign subsidiaries. The Company had approx-
imately $1.4 billion of available borrowing capacity under its domestic and foreign lines of credit as of
December 31, 2010. The short-term borrowings at December 31, 2010 and 2009 were insignificant.
The Company is subject to certain restrictive debt covenants under its short-term borrowing and long-term debt
obligations including defined financial covenants, limitations on incurring additional debt, ability to pay dividends,
escrow account funding requirements for debt service, capital expenditures, tax payments and insurance premiums,
among other restrictions. The Company was in compliance with all of the short-term and long-term debt covenants
at December 31, 2010.
On April 20, 2010, the Company entered into a new $1.5 billion senior credit facility. The new facility matures
on November 15, 2013 and replaces the previous $1.875 billion revolving credit agreement, which would have
matured on February 11, 2011. The new facility includes an accordion feature under which the Company may
increase the revolving loan commitment by up to $375 million subject to certain conditions and bank commitments.
The multi-currency facility enhances the Company’s financial flexibility and is expected to be used for general
corporate purposes. The Company had no borrowings under the senior credit facility and $159 million of letters of
F-30
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
NOTES TO FINANCIAL STATEMENTS — (Continued)