Starwood Hotels & Resorts Agrees to Sell $1.5 Billion of Senior Notes

WHITE PLAINS, N.Y., Apr 11, 2002 (BUSINESS WIRE)—Starwood Hotels and Resorts Worldwide, Inc. announced today that it agreed to sell $1.5 billion of senior notes in two tranches - $700 million principal amount of 7-3/8% senior notes due 2007 with a yield to maturity of 7.45% and $800 million principal amount of 7-7/8% senior notes due 2012 with a yield to maturity of 7.95%.
Starwood expects to use the proceeds to repay all of its senior secured notes facility and a portion of its senior credit facility.
This notices does not constitute an offer to sell or the solicitation of an offer to buy the notes or any other securities. The notes are only offered, with registration rights, in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and outside the United States pursuant to Regulation S under the Securities Act. The notes will not be initially registered under the Securities Act and therefore may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of the Securities Act. It is anticipated that a registration statement will be filed under the Securities Act to permit exchange of the notes for registered notes or resale of the notes.
Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) is one of the leading hotel and leisure companies in the world with more than 740 properties in more than 80 countries and 110,000 employees at its owned and managed properties. With internationally renowned brands, Starwood is a fully integrated owner, operator and franchiser of hotels and resorts including: St. Regis, The Luxury Collection, Sheraton, Westin, Four Points by Sheraton, W brands, as well as Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit www.starwood.com.
Please contact Starwood`s new, toll-free media hotline at: 866-4-STAR-PR (866-478-2777) for photography or additional information.
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