Starwood Hotels & Resorts Worldwide, Inc., announced today that it intends to offer, subject to market and other conditions, 10-year senior notes through an underwritten public offering.
Starwood intends to use the net proceeds of the offering to purchase up to $200 million aggregate principal amount (subject to increase by Starwood) of its outstanding 7.875% Senior Notes due 2012 and up to $100 million aggregate principal amount (subject to increase by Starwood) of its outstanding 6.250% Senior Notes due 2013 pursuant to a cash tender offer also announced by Starwood today. If the tender offer is not completed, or there are any remaining net proceeds that are not so applied, then the remaining proceeds from the offering will be used for general corporate purposes.
The joint book-running managers for the offering are Citigroup Global Markets Inc., Banc of America Securities LLC, Calyon Securities (USA) Inc., RBS Securities Inc. and Scotia Capital (USA) Inc.