WHITE PLAINS , NY— Starwood Hotels & Resorts Worldwide has privately raised $1.5 billion, 50% more than planned, by selling bonds. Starwood, which runs more than 740 properties in over 80 countries, boosted its sale of five- and 10-year notes from $1 billion. It said it expects to use proceeds to pay off all of its senior secured notes facility and part of its senior credit line. Starwood sold $700 million of 7.375% five-year notes at $0.99.685 on the dollar to yield 7.45%. It also sold $800 million of 7.875% 10-year notes at $0.99.483 cents on the dollar to yield 7.95%. SOURCE: Reuters
