Starwood Hotels & Resorts pricing senior notes due 2023 on Wednesday

By Andrea Heisinger

New York, Dec. 5 - Starwood Hotels & Resorts Worldwide, Inc. is set to price senior notes due 2023 in Wednesday's market, an informed source said.

The notes (Baa3/BBB/BBB) have a make-whole call until three months prior to maturity.

There is a change-of-control put feature at 101%.

Bank of America Merrill Lynch, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the bookrunners.

Proceeds will be used to repurchase existing notes in a cash tender offer, to pay accrued and unpaid interest on existing notes and to pay any tender premiums plus related fees and expenses.

The hotel and leisure company is based in Stamford, Conn.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.