Starwood Hotels & Resorts completes tender offer

AP News
Posted: Dec 07, 2009 2:03 PM

Hotel and leisure company Starwood Hotels & Resorts Worldwide Inc. said Monday it repurchased $300 million of senior notes tendered in an offer.

The cash tender offer for the 2012 and 2013 notes expired Friday.

Starwood, whose brands include St. Regis, Sheraton and Westin, said approximately $194.9 million of the notes due 2012 were tendered before the offer expired, while about $134.3 million of the notes due 2013 were tendered. The amount of 2013 notes tendered surpassed the maximum tender amount, so Starwood said it accepted those notes for purchase on a pro rata basis among tendering noteholders, for a total of $105.1 million. Any notes not accepted for payment were returned to the noteholders at no charge.

Bring Out Your Dead
Gil Gutknecht

Starwood currently has 982 properties in 100 countries.

The company's stock added 19 cents to $33.63 in afternoon trading.