Starwood buys all 0% series A convertibles for cash

New York, May 28 - Starwood Hotels & Resorts Worldwide, Inc. said it paid $202 million in cash to repurchase its series A zero-coupon convertible senior notes due 2021 after investors put the entire issue back to the company.

The White Plains, N.Y. hotel operator paid $827.35 per $1,000 principal amount.

Starwood noted it received gross proceeds of $200 million from issuance of the notes on May 25, 2001. They were priced with a 1% yield.

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