Starwood Announces Early Tender Results of its Cash Tender Offer for up to $300,000,000 Aggregate Principal Amount of Certain of its Outstanding Notes
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Starwood Announces Early Tender Results of its Cash Tender Offer for up to $300,000,000 Aggregate Principal Amount of Certain of its Outstanding Notes
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Catégorie : Monde - Économie du secteur
- Chiffres et études
Ceci est un communiqué de presse sélectionné par notre comité éditorial et mis en ligne gratuitement le 23-11-2009
Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT), today announced that, as of 5:00 p.m., New York City time, on November 19, 2009 (the “Early Tender Date”), $193,652,000 aggregate principal amount of its 7⅞% Senior Notes due 2012 (CUSIP No. 85590AAD6/U85650AB2) (the “2012 Notes”) and $132,107,000 aggregate principal amount of its 6¼% Senior Notes due 2013 (CUSIP No. 85590AAK0) (the “2013 Notes” and, together with the 2012 Notes, the “Notes”) have been tendered and not validly withdrawn in connection with the Company’s previously announced cash tender offer (the “Tender Offer”), on the terms and subject to the conditions set forth in the Company’s Offer to Purchase, dated November 5, 2009, and a related Letter of Transmittal, to purchase up to $200,000,000 aggregate principal amount (subject to increase by Starwood) of the 2012 Notes
and $100,000,000 aggregate principal amount (subject to increase by Starwood) of the 2013 Notes. Proceeds from Starwood’s underwritten public offering of $250 million of 7.150% Senior Notes due 2019, together with cash on hand, will be used to purchase Notes pursuant to the Tender Offer. The underwritten public offering closed on November 20, 2009.
Because 2013 Notes in excess of the maximum tender amount for such series have been tendered and not validly withdrawn in the Tender Offer, Starwood will accept 2013 Notes for purchase and pay holders thereof on a pro rata basis among tendering holders of the 2013 Notes. Any tendered 2013 Notes that are not accepted for purchase will be returned without expense to the tendering holder.
Pursuant to the terms of the Tender Offer, tendered Notes may no longer be withdrawn after the Early Tender Date.
The Tender Offer will expire at 12:00 midnight, New York City time, on December 4, 2009, unless extended or earlier terminated (the “Expiration Date”).
The consummation of the Tender Offer is not conditioned upon any minimum amount of Notes being tendered, but is subject to, and conditioned upon, the satisfaction or waiver of certain customary conditions described in the Offer to Purchase.
Citigroup Global Markets Inc., BofA Merrill Lynch, Barclays Capital, Deutsche Bank Securities and J.P. Morgan are the dealer managers of the Tender Offer. Global Bondholder Services Corporation has been retained to serve as both the depositary and the information agent for the Tender Offer.
Persons with questions regarding the Tender Offer should contact Citigroup Global Markets Inc. at (toll-free) (800) 558-3745 or (collect) (212) 723-6106 or BofA Merrill Lynch at (toll-free) (888) 292-0700 or (collect) (980) 388-4603. Requests for copies of the Offer 2 to Purchase, related Letter of Transmittal and other related materials should be directed to Global Bondholder Services Corporation at (toll-free) (866) 470-4300 or (collect) (212) 430-3774.
None of Starwood or its affiliates, its board of directors, the dealer manager, the depositary, the information agent or the trustee for the Notes, makes any recommendation as to whether holders of the Notes should tender or refrain from tendering the Notes.
The Tender Offer is made only by the Offer to Purchase and the accompanying Letter of Transmittal. The Tender Offer is not being made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the Tender Offer is required to be made by a licensed broker or dealer, the Tender Offer will be deemed to be made on behalf of Starwood by the dealer manager, or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.
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