Starwood Hotels & Resorts Worldwide, Inc. Announces That Holders of Its Outstanding 3.5% Convertible Senior Notes Due 2023 Are Entitled to Receive Contingent Interest Subject to Certain Conditions
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Starwood Hotels & Resorts Worldwide, Inc. Announces That Holders of Its Outstanding 3.5% Convertible Senior Notes Due 2023 Are Entitled to Receive Contingent Interest Subject to Certain Conditions
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Category: Worldwide
This is a press release selected by our editorial committee and published online for free on 2006-05-17
Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) ("Starwood") announced today that for the period commencing May 16, 2006 to, but not including November 15, 2006, contingent interest at 0.4125% per annum will accrue on its outstanding 3.5% Convertible Senior Notes due 2023 (the "Notes") . Holders of the Notes are entitled to contingent interest due to the fact the Notes traded at 120% or more of their principal amount for the 5-day period ending on May 12, 2006. On May 5, 2006, Starwood called the Notes for redemption as of June 5, 2006. If holders of the Notes have not exercised their right to convert by June 1, 2006, the Notes will be redeemed and principal and interest, including accrued contingent interest, will be paid on June 5, 2006. If holders of the Notes exercise their right to convert the Notes by June 1, 2006, the contingent interest will be deemed paid by settlement of the conversions.
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