Starwood to pay upcoming convertible put in cash

New York, April 24 - Starwood Hotels & Resorts Worldwide, Inc. said it will pay the upcoming put on its series A zero-coupon convertible senior notes due 2021 in cash.

The convertibles are putable on May 25. The company has the choice of paying cash or stock.

If all the securities are put back to Starwood, it will have to pay approximately $202 million, according to filings with the Securities and Exchange Commission.

The White Plains, N.Y. hotel company issued the two series of notes - series A and series B - in May 2001, raising $500 million in proceeds. Series B is putable in May 2004 for approximately $330 million.

© 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.