Starwood Prices $250 Million Debt Offering
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Starwood Prices $250 Million Debt Offering
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Category: Worldwide - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2009-11-06
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 7⅞% 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 58th Street, 8th Floor, Brooklyn, NY 11220, telephone: (800) 831-9146.
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