Starwood says greenshoe exercised, raising convertibles to $360 million

New York, May 29 - Starwood Hotels & Resorts Worldwide, Inc. said underwriters of its recent offering of high premium convertible notes due 2023 exercised the $60 million over-allotment option in full, raising the size of the deal to $360 million.

The White Plains, N.Y. hotel and leisure company originally sold $300 million of the notes after the market closed on May 8 to yield 3.5% with an 83.96% initial conversion premium.

Joint lead managers for thr Rule 144A transaction Banc of America Securities, Deutsche Bank Securities and JPMorgan.

Starwood said it will use proceeds to repay debt and for general corporate purposes.

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