- Marriott Ownership Resorts, Inc., a wholly owned subsidiary of Marriott Vacations Worldwide (NYSE:VAC) has priced an offering of $750M aggregate principal amount of its 6.5% senior notes due 2026.
- The Issuer intends to use the net proceeds from the Notes offering, together with borrowings under the New Credit Facilities and MVW's and ILG's cash on hand, to pay the cash consideration for the Combination Transactions, to repay borrowings outstanding under ILG's revolving credit facility and in each case, pay transaction expenses and fees in connection therewith.
- In connection with the Combination Transactions, Marriott Vacations Worldwide also expects the Issuer, as the borrower, to enter into new senior secured credit facilities, comprising a $900M seven-year term loan credit facility and a $600M five-year revolving credit facility.