Starwood Agrees to $300MM Private Placement

Published May 09, 2003, 2:00 p.m. EDT

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Starwood Hotels & Resorts Worldwide Inc., White Plains, N.Y., has announced an agreement to sell $300 million in aggregate principal amount of convertible senior notes due 2023 in a private placement.The offering will include an option to the initial purchasers to acquire up to an additional $60 million in principal amount of the notes, the company said. The notes will be convertible into shares of Starwood's stock at $50 per share, which represents an 83.96% premium on the closing price of Starwood's stock on May 8. The company can be found online at http://www.starwood.com.

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