Starwood price talk emerges, pricing Thursday

By Paul A. Harris

St. Louis, Mo., April 10 - Price talk emerged Wednesday on Starwood Hotels & Resorts Worldwide's $1 billion two-tranche offering of senior notes (Ba1/BBB-), according to a syndicate source.

The five-year maturity notes have price talk of 7 3/8%-7½% and the 10-year notes are talked at 7 7/8%-8%.

The deal is expected to price Thursday.

The tranche sizes remain to be determined.

Lehman Brothers is bookrunner. Co-lead managers are Deutsche Bank Securities, JP Morgan and SG Cowen. Co-managers are Banc of America Securities, Banc One Capital Markets, Bear Stearns & Co., Credit Lyonnais, Fleet Securities and Scotia Capital.

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