Starwood to Offer Senior Notes Due 2019.WHITE PLAINS, N.Y. -- Starwood Hotels & Resorts Worldwide, Inc. (NYSE NYSE See: New York Stock Exchange : HOT), 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 Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). 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 (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , Calyon Securities (USA) Inc., RBS RBS Royal Bank of Scotland RBS Role Based Security RBS Rollback Segment RBS Rare Book School (University of Virginia) RBS Rural Business Cooperative Service RBS Ribosome Binding Site (genetics) Securities Inc. and Scotia Capital (USA) Inc. The offering will be made solely by means of a prospectus. Interested parties may obtain a copy of the preliminary prospectus Preliminary Prospectus A first draft registration statement filed by a firm prior to proceeding with an initial public offering of securities. The document, filed with the Securities & Exchange Commission, is intended to provide pertinent information to prospective shareholders supplement and related base prospectus for the offering by contacting Citigroup Global Markets Inc. at Attn: Prospectus Department, Brooklyn Army Terminal The Brooklyn Army Terminal consists of large complex of piers, docks, warehouses, cranes, railroad sidings and cargo loading equipment. The terminal was responsible for shipment of army equipment and personnel overseas. , 140 58th Street, 8th Floor, Brooklyn, NY 11220, telephone: (800) 831-9146. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful. About Starwood Hotels & Resorts Worldwide, Inc.[R] Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 982 properties in 100 countries and approximately 145,000 employees at its owned and managed properties. Starwood[R] Hotels is a fully integrated owner, operator and franchisor of hotels and resorts with the following internationally renowned brands: St. Regis[R], The Luxury Collection[R], Sheraton[R], Westin[R], Four Points[R] by Sheraton, W[R], Le Meridien[R], and the recently announced Aloft(SM)and Element(SM). Starwood Hotels also owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit www.starwoodhotels.com. Forward Looking Statements This communication contains forward-looking statements relating to the terms and timing of the tender offer, the expected source of funding for the tender offer and Starwood's ability to implement its strategic and business initiatives. These forward-looking statements are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2008 and its quarterly report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended March 31, 2009, which are 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. ** 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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