Press Release: Starwood Hotels & Resorts
April 12, 2002
WHITE PLAINS, NY -- Starwood Hotels and Resorts Worldwide, Inc. announced yesterday that it agreed to sell $1.5
billion of senior notes in two tranches - $700 million principal amount of 7-3/8% senior notes due 2007 with a
yield to maturity of 7.45% and $800 million principal amount of 7-7/8% senior notes due 2012 with a yield to maturity
of 7.95%.
Starwood expects to use the proceeds to repay all of its senior secured notes facility and a portion of its senior
credit facility.
This notices does not constitute an offer to sell or the solicitation of an offer to buy the notes or any other
securities. The notes are only offered, with registration rights, in the United States to qualified institutional
buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and outside the United States pursuant
to Regulation S under the Securities Act. The notes will not be initially registered under the Securities Act and
therefore may not be offered or sold in the United States without registration or an applicable exemption from
the registration requirements of the Securities Act. It is anticipated that a registration statement will be filed
under the Securities Act to permit exchange of the notes for registered notes or resale of the notes.
Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) is one of the leading hotel and leisure companies in the
world with more than 740 properties in more than 80 countries and 110,000 employees at its owned and managed properties.
With internationally renowned brands, Starwood is a fully integrated owner, operator and franchiser of hotels and
resorts including: St. Regis, The Luxury Collection, Sheraton, Westin, Four Points by Sheraton, W brands, as well
as Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval
ownership resorts. For more information, please visit www.starwood.com.
(Note: This press release contains forward-looking statements within the meaning of federal securities regulations.
Forward-looking statements are not guarantees of future performance and involve risks and uncertainties and other
factors that may cause actual results to differ materially from those anticipated at the time the forward-looking
statements are made. General economic conditions including the duration and severity of the current economic downturn
in the United States and the terrorist attacks on New York and Washington D.C. and their aftermath, business and
financing conditions, cyclicality of the real estate and the hotel and leisure business, domestic and international
political conditions, competition, governmental and regulatory actions and other circumstances and uncertainties
may affect future results, performance and achievements. These risks and uncertainties are presented in detail
in our filings with the Securities and Exchange Commission. Although we believe the expectations reflected in such
forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations
will be attained or that results will not materially differ. We undertake no obligation to publicly update or revise
any forward-looking statement, whether as a result of new information, future events or otherwise.)
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Contact:
Starwood Hotels & Resorts
David Matheson, 914/640-5204