Marriott to pay upcoming convertibles put in cash

New York, April 24 - Marriott International Inc. will pay the upcoming put on its zero-coupon convertible senior LYONs due 2021 in cash, the company said in a filing with the Securities and Exchange Commission.

The securities are putable on May 8. If holders all exercise the option, Marriott will have to pay approximately $408 million.

The Washington, D.C. hotel company issued $405 million proceeds ($470 million face) of the LYONs in May 2001 with a yield of 0.75%. It has the choice of paying the put in cash or stock.

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