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Fitch Rts Starwood Hotel & Resorts Worldwide Proposed $1.0B Sr Nts ''BB+''.

Publication: Business Wire
Publication Date: 08-APR-02
Format: Online
Delivery: Immediate Online Access

Article Excerpt
Business Editors

CHICAGO--(BUSINESS WIRE)--April 8, 2002

Fitch Ratings has assigned a 'BB+' rating to Starwood Hotels & Resorts Worldwide, Inc.'s (NYSE:HOT) proposed $1.0 billion in senior notes issued under Rule 144A. The proposed senior notes will be issued in two tranches, five-year senior notes due 2007 and 10-year senior notes due 2012. The proceeds from the issuance will be used to repay $500 million in Increasing Rate Notes (IRNs) and a portion of HOT's senior credit facility. Revolver availability at Dec. 31, 2001, was approximately $440 million. The Rating...

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