Marriott International Announces Redemption of its 3.125% Series N Notes Due 2021

Rhea-AI Summary

Marriott International (NASDAQ: MAR) announced the redemption of its $400 million 3.125% Series N Notes due October 15, 2021, on August 9, 2021. The redemption price will be 100% of the principal amount plus accrued interest. Post-redemption, these notes will cease to be outstanding and interest will stop accruing. The company highlighted the forward-looking nature of its statements regarding the redemption timeline, noting potential risks and uncertainties that could impact actual outcomes.

Positive

• Redemption of $400 million of Series N Notes indicating strong cash management.

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• None.

BETHESDA, Md., July 23, 2021 /PRNewswire/ -- Marriott International, Inc. (NASDAQ: MAR) today announced that on August 9, 2021 (the "Redemption Date") it will redeem all $400,000,000 aggregate principal amount of its outstanding 3.125% Series N Notes Due October 15, 2021 (CUSIP No. 571903 AM5) (the "Notes").

The Notes will be redeemed on the Redemption Date at a redemption price equal to the sum of 100% of the aggregate principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the Redemption Date. On and after the Redemption Date, interest will cease to accrue on the Notes and the Notes will cease to be outstanding.

Cautionary Language Concerning Forward-Looking Statements

All statements in this press release are made as of July 23, 2021.  Except as required by applicable law, Marriott undertakes no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise.  This press release contains "forward-looking statements" within the meaning of federal securities laws, including statements related to the expected timing and completion of the redemption and similar statements concerning anticipated future events and expectations that are not historical facts.  Marriott cautions you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that Marriott may not be able to accurately predict or assess, including the risk factors that Marriott identifies in its Securities and Exchange Commission filings, including Marriott's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2021.  Any of these factors could cause actual results to differ materially from the expectations Marriott expresses or implies in this press release.

Marriott International, Inc. (NASDAQ: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of more than 7,600 properties under 30 leading brands spanning 133 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world.  The company offers Marriott Bonvoy™, its highly-awarded travel program.  For more information, please visit Marriott's website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com.  

Marriott may post updates about COVID-19 and other matters on its investor relations website at www.marriott.com/investor or Marriott's news center website at www.marriottnewscenter.com.  Marriott encourages investors, the media, and others interested in the company to review and subscribe to the information Marriott posts on these websites, which may be material.  The contents of these websites are not incorporated by reference into this press release or any report or document Marriott files with the SEC, and any references to the websites are intended to be inactive textual references only.

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SOURCE Marriott International, Inc.

FAQ

When will Marriott redeem its Series N Notes?

Marriott will redeem its Series N Notes on August 9, 2021.

What is the total amount of Marriott's Series N Notes being redeemed?

Marriott is redeeming a total of $400 million in Series N Notes.

What interest rate is associated with Marriott's Series N Notes?

The Series N Notes have an interest rate of 3.125%.

When are Marriott's Series N Notes due?

The Series N Notes are due on October 15, 2021.

What will happen to interest after the redemption date for Marriott's Series N Notes?

Interest will cease to accrue on the Notes after the Redemption Date.