Starwood Hotels and Resorts Worldwide, Inc. to Assume Sheraton Holding Corporation Debentures upon Closing of the Transaction with Host Marriott
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Starwood Hotels and Resorts Worldwide, Inc. to Assume Sheraton Holding Corporation Debentures upon Closing of the Transaction with Host Marriott
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Category: Worldwide
This is a press release selected by our editorial committee and published online for free on 2006-03-28
Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) ("Starwood") announced today that in connection with the previously announced transaction with Host Marriott Corporation (NYSE: HMT) ("Host"), Starwood will assume the $450 million of 7.375% debentures due 11/15/15 issued by Sheraton Holding Corporation, as well as the $150 million of 7.75% debentures due 11/15/25 issued by Sheraton Holding Corporation. Starwood will receive additional cash consideration of $600 million from Host as a result of Starwood's assumption of these debentures. Starwood will likely redeem the $150 million of 7.75% debentures due 11/15/25 after the initial closing of the Host transaction, currently anticipated to occur in April 2006.
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