Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT), today announced that it has increased the aggregate principal amount of its cash tender offer (the "Tender Offer") to purchase its 7.875% Senior Notes due 2014 (CUSIP No. 85590AAM6) (the “2014 Notes”), 7.375% Senior Notes due 2015 (CUSIP No. 450912AC4 – ITT Corporation) (the “2015 Notes”), 6.75% Senior Notes due 2018 (CUSIP No. 85590AAL8) (the “2018 Notes”) and 7.15% Senior Notes due 2019 (CUSIP No. 85590AAN4) (the “2019 Notes” and, collectively, the “Notes”) from the previously announced maximum of $515,000,000 to $559,200,000. Starwood has also increased the maximum tender amount with respect to the 2015 Notes and the 2019 Notes to $153,955,000 aggregate principal amount and $40,245,000 aggregate principal amount, respectively.
Starwood further announced that, as of 5:00 p.m., New York City time, on December 7, 2012 (the “Early Tender Date”), $320,993,000 aggregate principal amount of its 2014 Notes, $153,955,000 aggregate principal amount of its 2015 Notes, $29,254,000 aggregate principal amount of its 2018 Notes, and $40,245,000 aggregate principal amount of its 2019 Notes have been tendered and not validly withdrawn in the Tender Offer. On December 10, 2012, Starwood will accept for purchase all such Notes tendered and not validly withdrawn at or prior to the Early Tender Date.
Pursuant to the terms of the Tender Offer, tendered Notes may no longer be withdrawn.
In conjunction with the Tender Offer, Starwood received consents pursuant to its previously announced consent solicitation (the “Consent Solicitation”) from the holders of a majority in principal amount of the outstanding 2014 Notes to proposed amendments (the “Proposed Amendments”) to the indenture governing the 2014 Notes (the “2014 Indenture”) to reduce the minimum notice period prior to a redemption of the 2014 Notes from thirty days to three business days. Starwood intends to enter into a supplemental indenture (the “Supplemental Indenture”) to the 2014 Indenture on December 10, 2012 to effectuate the Proposed Amendments. The Supplemental Indenture will be binding on holders of 2014 Notes not purchased in the Tender Offer.
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