(Source: Business Wire)
Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT), today announced
that it has commenced a cash tender offer (the "Tender Offer") to
purchase up to $300,000,000 aggregate principal amount (subject to
increase by Starwood, the "Aggregate Maximum Tender Amount") of its 7â
%
Senior Notes due 2012 (CUSIP No. 85590AAD6/85590AAC8) (the "2012 Notes")
and 6¼% Senior Notes due 2013 (CUSIP No. 85590AAK0) (the "2013 Notes"
and, together with the 2012 Notes, the "Notes") subject to the Maximum
Tender Amount for each series of Securities set forth in the table
below. The terms and conditions of the Tender Offer are described in an
offer to purchase, dated November5, 2009 (the "Offer to Purchase"), and
a related Letter of Transmittal. Starwood also announced today that it
has launched a concurrent public offering of new senior notes, the
proceeds from which will be used to purchase all Notes validly tendered
and accepted for purchase in the Tender Offer.
The following table summarizes the material pricing terms of the Tender
Offer:
Dollars per $1,000 Principal
Amount of Securities
Aggregate
Principal Early Maximum
CUSIP Amount Tender Offer Tender Total Tender
Title of Security Number Outstanding Consideration Premium Consideration Amount
7?% Senior Notes due 2012 85590AAD6/85590AAC8 $800,000,000 $1,030 $30 $1,060 $200,000,000
6?% Senior Notes due 2013 85590AAK0 $600,000,000 $990 $30 $1,020 $100,000,000
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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").
