WHITE PLAINS, NY— Starwood Hotels & Resorts Worldwide announced that the initial purchasers have exercised their option to acquire an additional $60 million principal amount of high premium convertible notes due 2023. The notes are convertible into shares of Starwoods stock at a conversion price of $50 per share and bear interest at 3.50% per annum. Approximately $300 million principal amount of notes were sold earlier this month. Starwood expects to use the net proceeds to repay indebtedness and for general corporate purposes.
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