Starwood to Redeem Its 7.875% Senior Notes Due 2014
STAMFORD, Conn. -- December 14, 2012
Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today that it
is exercising its option to redeem all of its outstanding 7.875% Senior Notes
due 2014 (CUSIP No. 85590AAM6) (the “Notes”), of which an aggregate principal
amount of approximately $179 million is currently outstanding.
The redemption date will be December 24, 2012. The redemption price will be
equal to the greater of (1) 100% of the principal amount of the Notes to be
redeemed or (2) the sum of the present values of the remaining scheduled
payments of principal and interest on the Notes discounted to the date of
redemption, on a semi-annual basis, at a rate equal to the sum of the
applicable Treasury Rate (as defined in the Notes) plus 50 basis points.
Accrued interest will be paid to, but excluding, the date of redemption. The
Treasury Rate will be calculated on the third business day preceding the date
About Starwood Hotels & Resorts Worldwide, Inc.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and
leisure companies in the world with 1,128 properties in nearly 100 countries
and approximately 154,000 employees at its owned and managed properties.
Starwood is a fully integrated owner, operator and franchisor of hotels,
resorts and residences with the following internationally renowned brands: St.
Regis®, The Luxury Collection®, W®, Westin®, Le Méridien®, Sheraton®, Four
Points® by Sheraton, Aloft® and Element^SM. Starwood boasts one of the
industry’s leading loyalty programs, Starwood Preferred Guest (SPG), allowing
members to earn and redeem points for room stays, room upgrades and flights,
with no blackout dates. Starwood also owns Starwood Vacation Ownership, Inc.,
a premier provider of world-class vacation experiences through villa-style
resorts and privileged access to Starwood brands. For more information, please
Forward Looking Statements
This communication contains forward-looking statements relating to the
redemption of the Notes, as well as Starwood's ability to implement its
strategic and business initiatives. These forward-looking statements are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995 and are subject to risks, uncertainties, assumptions and
other factors that are difficult to predict and that could cause actual
results to vary materially from those expressed in or indicated by them.
Additional risks and factors are identified in Starwood's filings with the
SEC, including its annual report on Form 10-K for the year ended December 31,
2011, which is available on the SEC's website at http://www.sec.gov. Starwood
undertakes no obligation to revise or update any forward-looking statement, or
to make any other forward-looking statements, whether as a result of new
information, future events or otherwise.
Starwood Hotels & Resorts Worldwide, Inc.
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