Starwood Announces Cash Settlement of Series A Zero Coupon Convertible Senior Notes

WHITE PLAINS, N.Y.–(BUSINESS WIRE)–May 28, 2002–Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) announced today that it repurchased for cash all of its Series A Zero Coupon Convertible Senior Notes Due 2021 (the Notes) in accordance with the terms of the indenture governing the Notes.
Each Note was purchased at its accreted value of $827.35 per $1,000 principal amount at maturity for an aggregate purchase price of approximately $202 million. Starwood originally received gross proceeds of approximately $200 million from the issuance of the 1% Notes on May 25, 2001.