Starwood Completes Sale of Timeshare Loans
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Starwood Completes Sale of Timeshare Loans
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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 2009-12-11
On December 10th, Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) completed a securitization involving the issuance of $166 million of notes by SVO 2009-B VOI Mortgage Corporation. Starwood contributed approximately $200 million in timeshare mortgages with an 83% advance and note rate of 5.81%. Starwood expects that the securitization will result in a pre-tax gain of over $15 million. The notes have not been and will not be registered under the Securities Act of 1933, as amended, or any state securities laws.
This announcement does not constitute an offer to sell or a solicitation of an offer to purchase any securities, and shall not constitute an offer, solicitation or sale of the notes in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.
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