Starwood to Redeem Its 6.25% Senior Notes Due 2013
Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today that it is exercising its option to redeem all of its outstanding 6.25% Senior Notes due 2013 (CUSIP No. 85590A AK0) (the “Notes”), of which an aggregate principal amount of approximately $494,870,000 is outstanding.
The redemption date will be June 29, 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 35 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 of redemption.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.