Marriott Vacations to price $300 million 8.25-year notes on Tuesday

By Paul A. Harris

Portland, Ore., Sept. 17 – Marriott Vacations Worldwide Corp. plans to price $300 million of 8.25-year senior notes (existing ratings Ba3/BB) in a quick-to-market Tuesday offering trailing a late-morning conference call with investors, according to market sources.

J.P. Morgan Securities LLC, BofA Securities Inc., SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are the joint bookrunners for the Rule 144A and Regulation S with registration rights offering.

The notes, which will be issued via wholly owned subsidiary Marriott Ownership Resorts, Inc., come with three years of call protection.

The vacation company plans to use the proceeds to redeem all of the outstanding $139.9 million of Interval Acquisition Corp. 5 5/8% senior notes due 2023, as well as to redeem all of the outstanding $88.2 million of Marriott Ownership/ILG, LLC 5 5/8% senior notes due 2023, to pay down the company’s $600 million revolving credit facility and for general corporate purposes.

Orlando-based Marriott Vacations offers vacation ownership, exchange, rental and resort and property management, along with related businesses, products and services.

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