Marriott unit settles tenders for $121.9 million of 5 5/8% notes

By Sarah Lizee

Olympia, Wash., Oct. 19 – Marriott Vacations Worldwide Corp. said wholly owned indirect subsidiary Interval Acquisition Corp. settled its previously announced offer to purchase any and all of its outstanding 5 5/8% senior notes due 2023 validly tendered in an offer that expired on 5 p.m. ET on Oct. 15.

The $121,898,000 of notes were purchased on Friday for cash at 101% of par plus accrued interest up to but excluding the settlement date for $123,193,166 using Marriott cash on hand, according to an 8-K filing with the Securities and Exchange Commission.

Immediately following the settlement date, $139,937,000 of the notes remained outstanding.

Marriott Vacations is an Orlando, Fla.-based vacation ownership company.

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