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Marriott Vacations Worldwide Amends its Senior Secured Credit Facilities at Improved Terms

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Marriott Vacations Worldwide (NYSE: VAC) has successfully amended its credit agreement, implementing key financial improvements. The company has replaced its $750 million senior secured revolving credit facility with an enhanced $800 million facility, extending the maturity date to March 24, 2030. The amendment includes a 25 basis point reduction in interest spreads, improving both drawn and undrawn pricing terms.

Additionally, VAC has secured a new $450 million delayed-draw term loan facility maturing December 31, 2027. This facility is specifically designated for financing the redemption or repurchase of the Company's 0.00% Convertible Senior Notes, which are due January 15, 2026.

Marriott Vacations Worldwide (NYSE: VAC) ha modificato con successo il suo accordo di credito, implementando importanti miglioramenti finanziari. L'azienda ha sostituito la sua linea di credito revolving senior garantita da 750 milioni di dollari con una linea migliorata da 800 milioni di dollari, estendendo la data di scadenza al 24 marzo 2030. La modifica include una riduzione di 25 punti base negli spread di interesse, migliorando sia le condizioni di prezzo per i fondi utilizzati che per quelli non utilizzati.

Inoltre, VAC ha ottenuto un nuovo prestito a termine con tiraggio ritardato da 450 milioni di dollari che scade il 31 dicembre 2027. Questa struttura è specificamente destinata a finanziare il riscatto o il riacquisto delle Note Senior Convertibili 0,00% della Società, in scadenza il 15 gennaio 2026.

Marriott Vacations Worldwide (NYSE: VAC) ha modificado con éxito su acuerdo de crédito, implementando mejoras financieras clave. La compañía ha reemplazado su línea de crédito rotativa senior garantizada de 750 millones de dólares por una línea mejorada de 800 millones de dólares, extendiendo la fecha de vencimiento al 24 de marzo de 2030. La enmienda incluye una reducción de 25 puntos básicos en los márgenes de interés, mejorando tanto las condiciones de precios para los fondos utilizados como para los no utilizados.

Además, VAC ha asegurado un nuevo préstamo a plazo con tiraje diferido de 450 millones de dólares que vence el 31 de diciembre de 2027. Esta instalación está específicamente designada para financiar el rescate o recompra de las Notas Senior Convertibles al 0,00% de la Compañía, que vencen el 15 de enero de 2026.

메리어트 휴가 전 세계 (NYSE: VAC)는 신용 계약을 성공적으로 수정하여 주요 재무 개선을 구현했습니다. 이 회사는 7억 5천만 달러 규모의 선순위 담보 회전 신용 시설을 8억 달러 규모의 개선된 시설로 교체하고 만기일을 2030년 3월 24일로 연장했습니다. 수정 사항에는 이자 스프레드에서 25 베이시스 포인트의 인하가 포함되어 있으며, 사용된 자금과 사용되지 않은 자금 모두에 대한 가격 조건이 개선되었습니다.

또한 VAC는 2027년 12월 31일 만기가 도래하는 4억 5천만 달러의 지연 인출 기한 대출 시설을 확보했습니다. 이 시설은 회사의 0.00% 전환 선순위 채권의 상환 또는 재매입을 위한 자금 조달을 위해 특별히 지정되었습니다. 이 채권은 2026년 1월 15일에 만기가 됩니다.

Marriott Vacations Worldwide (NYSE: VAC) a réussi à modifier son accord de crédit, mettant en œuvre des améliorations financières clés. L'entreprise a remplacé sa ligne de crédit renouvelable senior garantie de 750 millions de dollars par une ligne améliorée de 800 millions de dollars, prolongeant la date d'échéance au 24 mars 2030. L'amendement comprend une réduction de 25 points de base des marges d'intérêt, améliorant ainsi les conditions de prix tant pour les fonds tirés que pour ceux non tirés.

De plus, VAC a sécurisé un nouvel emprunt à terme avec tirage différé de 450 millions de dollars arrivant à échéance le 31 décembre 2027. Cette facilité est spécifiquement destinée à financer le rachat ou le remboursement des Obligations Senior Convertibles à 0,00% de la Société, qui arrivent à échéance le 15 janvier 2026.

Marriott Vacations Worldwide (NYSE: VAC) hat erfolgreich seine Kreditvereinbarung geändert und dabei wichtige finanzielle Verbesserungen umgesetzt. Das Unternehmen hat seine 750 Millionen Dollar umfassende gesicherte revolvierende Kreditlinie durch eine verbesserte 800 Millionen Dollar umfassende Kreditlinie ersetzt und das Fälligkeitsdatum auf den 24. März 2030 verlängert. Die Änderung umfasst eine Reduzierung der Zinsspannen um 25 Basispunkte, was sowohl die Bedingungen für in Anspruch genommene als auch für nicht in Anspruch genommene Kredite verbessert.

Darüber hinaus hat VAC eine neue 450 Millionen Dollar umfassende verzögerte Darlehensfazilität gesichert, die am 31. Dezember 2027 fällig wird. Diese Fazilität ist speziell zur Finanzierung der Rückzahlung oder des Rückkaufs der 0,00% wandelbaren Senior Notes des Unternehmens vorgesehen, die am 15. Januar 2026 fällig werden.

Positive
  • Secured larger revolving credit facility ($800M vs previous $750M)
  • 25 basis point reduction in interest spreads, lowering borrowing costs
  • Extended credit facility maturity to 2030 from 2027
  • Added $450M delayed-draw term loan facility for future note refinancing
Negative
  • Needs to address upcoming convertible notes maturity in January 2026

ORLANDO, Fla.--(BUSINESS WIRE)-- Marriott Vacations Worldwide Corporation (NYSE: VAC) (“MVW” or the “Company”) today announced that it has amended its credit agreement to refinance its senior secured revolving credit facility at improved terms and add a senior secured delayed-draw term loan facility to provide flexibility to refinance its convertible notes maturing January 2026.

The amendment replaces the Company’s previous $750 million senior secured revolving credit facility, which was scheduled to mature on March 31, 2027, with a new $800 million revolving credit facility scheduled to mature on March 24, 2030, reducing drawn and undrawn pricing including a 25 basis point reduction in interest spreads.

The amended agreement also includes a new $450 million delayed-draw term loan facility maturing December 31, 2027, which is available solely to finance the redemption or repurchase of the Company’s 0.00% Convertible Senior Notes due January 15, 2026.

“We are happy to have updated and extended our revolving credit facility with reduced interest rates and unused fees,” said Jason Marino, executive vice president and chief financial officer. “In addition, the delayed-draw term loan facility provides us with time and flexibility to evaluate our options to refinance our 0.00% Convertible Senior Notes, which mature early next year.”

About Marriott Vacations Worldwide Corporation

Marriott Vacations Worldwide Corporation is a leading global vacation company that offers vacation ownership, exchange, rental and resort and property management, along with related businesses, products, and services. The Company has approximately 120 vacation ownership resorts and approximately 700,000 owner families in a diverse portfolio that includes some of the most iconic vacation ownership brands. The Company also operates an exchange network and membership programs comprised of more than 3,200 affiliated resorts in over 90 countries and territories, and provides management services to other resorts and lodging properties. As a leader and innovator in the vacation industry, the Company upholds the highest standards of excellence in serving its customers, investors and associates while maintaining exclusive, long-term relationships with Marriott International, Inc. and an affiliate of Hyatt Hotels Corporation for the development, sales and marketing of vacation ownership products and services. For more information, please visit www.marriottvacationsworldwide.com.

The Company routinely posts important information, including news releases, announcements and other statements about its business and results of operations, that may be deemed material to investors on the Investor Relations section of the Company’s website, www.marriottvacationsworldwide.com.

The Company uses its website as a means of disclosing material, nonpublic information and for complying with the Company’s disclosure obligations under Regulation FD. Investors should monitor the Investor Relations section of the Company’s website in addition to following the Company’s press releases, filings with the SEC, public conference calls and webcasts.

Neal Goldner

Investor Relations

407-206-6149

neal.goldner@mvwc.com

Cameron Klaus

Global Communications

407-513-6606

cameron.klaus@mvwc.com

Source: Marriott Vacations Worldwide Corporation

FAQ

What are the new terms of Marriott Vacations Worldwide's (VAC) amended credit facility?

VAC secured an $800M revolving credit facility maturing March 2030, with a 25 basis point reduction in interest spreads and improved drawn/undrawn pricing terms.

How much is VAC's new delayed-draw term loan facility and what is its purpose?

The $450M delayed-draw term loan facility matures December 2027 and is designated for refinancing VAC's 0.00% Convertible Senior Notes due January 2026.

When do Marriott Vacations Worldwide's (VAC) convertible notes mature?

VAC's 0.00% Convertible Senior Notes are due January 15, 2026.

How does the new revolving credit facility compare to VAC's previous facility?

The new facility is $50M larger ($800M vs $750M), has reduced interest rates, lower unused fees, and extends maturity to 2030 vs the previous 2027 maturity.
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