Starwood
Hotels &
Resorts Worldwide, Inc. (NYSE: HOT) announced today that it has priced an underwritten public offering of $250 million of 7.150% Senior Notes due 2019. The notes were offered to the public at a price of 97.559% of principal amount.
Starwood expects to use the net proceeds from the proposed offering to purchase up to $200 million aggregate principal amount of its outstanding 7?% Senior Notes due 2012 and up to $100 million aggregate principal amount of its outstanding 6¼% Senior Notes due 2013 pursuant to a cash tender offer also announced by Starwood today. If the tender offer is not completed, or there are any remaining net proceeds that are not so applied, then the remaining proceeds from the offering will be used for general corporate purposes.
Citigroup Global Markets Inc., Banc of America Securities LLC, Calyon Securities (USA) Inc., RBS Securities Inc. and Scotia Capital (USA) Inc. are acting as joint bookrunning managers for this offering, which is expected to close on November 20, 2009. Interested parties may obtain a written prospectus relating to the senior notes offering from Citigroup Global Markets Inc. at Attn: Prospectus Department, Brooklyn Army Terminal, 140 58thStreet, 8thFloor, Brooklyn, NY 11220, telephone: (800) 831-9146.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful.
About Starwood
Hotels &
Resorts Worldwide, Inc.®
Starwood
Hotels &
Resorts Worldwide, Inc. is one of the leading
hotel and leisure companies in the world with 982 properties in 100 countries and approximately 145,000 employees at its owned and managed properties. Starwood®
Hotels is a fully integrated owner, operator and franchisor of
hotels and
resorts with the following internationally renowned brands: St. Regis®, The Luxury Collection®, Sheraton®, Westin®, Four Points® by Sheraton, W®, Le Méridien®, and the recently announced AloftSMand ElementSM. Starwood
Hotels also owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership
resorts. For more information, please visit
www.starwoodhotels.com .
Forward Looking Statements
This communication contains forward-looking statements relating to the terms and timing of the tender offer, the expected source of funding for the tender offer and Starwood's ability to implement its strategic and business initiatives. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are subject to risks, uncertainties, assumptions and other factors that are difficult to predict and that could cause actual results to vary materially from those expressed in or indicated by them. Additional risks and factors are identified in Starwood's filings with the SEC, including its annual report on Form 10-K for the year ended December 31, 2008 and its quarterly report on Form 10-Q for the quarter ended March 31, 2009, which are available on the SEC's website at
http://www.sec.gov . Starwood undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
** Please contact Starwood's new, toll-free media hotline at (866) 4-STAR-PR (866-478-2777) for photography or additional information.**
CONTACT: Starwood
Hotels &
Resorts Worldwide, Inc.
Jason Koval, 914-640-8165
Vice President, Investor Relations
and Directories
HOME