Marriott Vacations Worldwide Completes $445 Million Term Securitization
Marriott Vacations Worldwide (NYSE: VAC) has successfully completed a $445 million securitization of vacation ownership loans. The transaction, offered to qualified institutional buyers, features notes issued by MVW 2024-2 with a blended interest rate of 4.52% and a gross advance rate of 98%. The securitization comprises three classes of notes backed by a pool of approximately $454 million of vacation ownership loans from various timeshare brands.
The notes include $307 million of Class A Notes at 4.43% interest, $86 million of Class B Notes at 4.58% interest, and $52 million of Class C Notes at 4.92% interest. MVW plans to use the net proceeds to pay down outstanding credit facility obligations and for other general corporate purposes.
Marriott Vacations Worldwide (NYSE: VAC) ha completato con successo una securitizzazione di 445 milioni di dollari di prestiti per la proprietà di vacanze. La transazione, offerta a investitori istituzionali qualificati, presenta note emesse da MVW 2024-2 con un tasso d'interesse medio del 4,52% e un tasso di anticipo lordo del 98%. La securitizzazione comprende tre classi di note sostenute da un pool di circa 454 milioni di dollari di prestiti per la proprietà di vacanze provenienti da vari marchi di multiproprietà.
Le note includono 307 milioni di dollari di Note di Classe A al 4,43% di interesse, 86 milioni di dollari di Note di Classe B al 4,58% di interesse e 52 milioni di dollari di Note di Classe C al 4,92% di interesse. MVW prevede di utilizzare i proventi netti per pagare le obbligazioni di un credito esistente e per altre finalità aziendali generali.
Marriott Vacations Worldwide (NYSE: VAC) ha completado con éxito una securitización de 445 millones de dólares de préstamos para la propiedad de vacaciones. La transacción, ofrecida a compradores institucionales calificados, presenta notas emitidas por MVW 2024-2 con una tasa de interés promedio del 4,52% y una tasa de avance bruta del 98%. La securitización comprende tres clases de notas respaldadas por una cartera de aproximadamente 454 millones de dólares de préstamos para la propiedad de vacaciones de varias marcas de multipropiedad.
Las notas incluyen 307 millones de dólares en Notas Clase A al 4,43% de interés, 86 millones de dólares en Notas Clase B al 4,58% de interés y 52 millones de dólares en Notas Clase C al 4,92% de interés. MVW planea utilizar los ingresos netos para reducir las obligaciones de su línea de crédito y para otros propósitos corporativos generales.
메리어트 휴가 월드와이드 (NYSE: VAC)는 4억 4,500만 달러의 리파이낸싱을 성공적으로 완료했습니다. 이 거래는 자격을 갖춘 기관 투자자에게 제공되며, MVW 2024-2가 발행한 채권에는 4.52%의 blended 이자율과 98%의 총 대출 비율이 있습니다. 이 리파이낸싱은 다양한 타임쉐어 브랜드의 약 4억 5,400만 달러의 휴가 소유권 대출로 보장된 세 가지 종류의 채권으로 구성됩니다.
채권에는 3억 7,000만 달러의 A 클래스 채권이 4.43%의 이자율로, 8,600만 달러의 B 클래스 채권이 4.58%의 이자율로, 5,200만 달러의 C 클래스 채권이 4.92%의 이자율로 포함됩니다. MVW는 순이익을 사용하여 미지급 신용 시설 의무를 상환하고 기타 일반 기업 목적으로 활용할 계획입니다.
Marriott Vacations Worldwide (NYSE: VAC) a réussi à compléter une titre de 445 millions de dollars de prêts de propriété de vacances. La transaction, proposée à des acheteurs institutionnels qualifiés, comprend des notes émises par MVW 2024-2 avec un taux d'intérêt moyen de 4,52% et un taux d'avance brut de 98%. La titrisation comprend trois classes de notes adossées à un portefeuille d'environ 454 millions de dollars de prêts de propriété de vacances provenant de diverses marques de multipropriété.
Les notes comprennent 307 millions de dollars de Notes de Classe A à un taux d'intérêt de 4,43%, 86 millions de dollars de Notes de Classe B à un taux de 4,58% d'intérêt et 52 millions de dollars de Notes de Classe C à un taux de 4,92% d'intérêt. MVW prévoit d'utiliser les produits nets pour rembourser des obligations de crédit en cours et pour d'autres fins corporatives générales.
Marriott Vacations Worldwide (NYSE: VAC) hat erfolgreich eine Verbriefung in Höhe von 445 Millionen US-Dollar von Urlaubsbesitzkrediten abgeschlossen. Die Transaktion, die qualifizierten institutionellen Käufern angeboten wurde, umfasst Noten, die von MVW 2024-2 mit einem durchschnittlichen Zinssatz von 4,52% und einer brutto Ausleihquote von 98% ausgegeben wurden. Die Verbriefung besteht aus drei Klassen von Noten, die durch einen Pool von etwa 454 Millionen US-Dollar an Urlaubsbesitzkrediten verschiedener Timeshare-Marken gedeckt sind.
Die Noten umfassen 307 Millionen US-Dollar von Klasse A Noten mit 4,43% Zinsen, 86 Millionen US-Dollar von Klasse B Noten mit 4,58% Zinsen und 52 Millionen US-Dollar von Klasse C Noten mit 4,92% Zinsen. MVW plant, die Nettoerlöse zu verwenden, um ausstehende Kreditverpflichtungen zu tilgen und für andere allgemeine Unternehmenszwecke.
- Successful completion of a $445 million securitization of vacation ownership loans
- Blended interest rate of 4.52%, nearly 200 basis points lower than November 2023 transaction
- High gross advance rate of 98%
- Strong investor demand for the offering
- None.
Insights
Marriott Vacations Worldwide's successful completion of a
The transaction's structure, with three classes of notes, demonstrates a sophisticated approach to capital management. The use of proceeds to pay down credit facility obligations will likely improve the company's debt profile and financial flexibility. This could potentially lead to reduced interest expenses and improved cash flow in the future.
For investors, this securitization signals MVW's continued ability to access capital markets efficiently, which is important in the capital-intensive timeshare industry. The lower interest rate environment could positively impact the company's profitability in the near term, potentially leading to improved earnings and shareholder value.
The successful securitization by Marriott Vacations Worldwide reflects positively on the broader timeshare and vacation ownership market. The strong investor demand and favorable terms secured by MVW suggest a robust appetite for timeshare-backed securities, indicating confidence in the sector's recovery and future prospects.
The
The timing of this securitization, coming after a period of economic uncertainty, may signal a positive shift in the travel and hospitality financing landscape. For investors, this could indicate potential growth opportunities in the sector, particularly for companies with strong brand recognition and efficient capital management strategies like MVW.
“We are very pleased with the strong investor demand for this offering. That and the current interest rate environment resulted in a blended interest rate nearly 200 basis points lower than our November 2023 transaction,” said Jason Marino, executive vice president and chief financial officer.
The transaction was backed by a pool of approximately
The Company intends to use the proceeds of the 2024-2 securitization, net of fees, to pay down outstanding credit facility obligations and for other general corporate purposes.
Important Notice
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The notes have not been registered under the Securities Act of 1933, as amended, or any state securities law. Unless so registered, the notes may not be offered or sold in
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240930484801/en/
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
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