Marriott Vacations Worldwide C - VAC STOCK NEWS

Marriott Vacations Worldwide Corporation (NYSE: VAC) has announced an intention to offer $450 million in senior notes due 2029 through its subsidiary, Marriott Ownership Resorts, Inc. The proceeds will be used to redeem $450 million of outstanding senior notes due 2026 and to cover related transaction expenses. The offering targets qualified institutional buyers and is not open to U.S. persons without exemption from registration. The company’s financial health could be impacted by economic conditions and competition, particularly in light of challenges posed by the COVID-19 pandemic.

Marriott Vacations Worldwide Corporation (NYSE: VAC) announced the completion of its first timeshare receivable securitization of 2021, issuing $425 million in notes backed by $434 million in vacation ownership loans. This offering achieved the lowest interest rate for MVW's 144A securitization at 1.52%. The securitized notes include $207 million Class A Notes at 1.14%, Class B Notes of $107 million at 1.44%, and others. Proceeds will fund general corporate purposes and redeem previous transactions of approximately $72 million.

Marriott Vacations Worldwide (NYSE: VAC) reported Q1 2021 financial results with $226 million in contract sales, marking a 27% sequential increase. The company anticipates contract sales to rise to $320-$340 million in Q2. Despite a net loss of $28 million (or $0.68 per share), adjusted EBITDA was $69 million. Liquidity stands at $1.4 billion post-acquisition of Welk Resorts. Vacation Ownership revenue decreased 30% year-over-year but increased 14% sequentially. The exchange segment saw a 16% drop in revenue year-over-year, but improved from Q4 2020.

Marriott Vacations Worldwide Corporation (NYSE: VAC) is set to release its Q1 2021 financial results on May 5, 2021, after market close. A conference call discussing the results will occur on May 6, 2021, at 8:30 a.m. ET. Investors can participate by calling the provided numbers or accessing the live webcast available in the Investor Relations section of their website. An audio replay will also be available from May 6 to June 6. Marriott Vacations is a global leader in vacation ownership with approximately 120 resorts and over 700,000 Owners and Members.

Marriott Vacations Worldwide (NYSE: VAC) has finalized its acquisition of Welk Resorts for $485 million, which includes about 1.4 million MVW shares. This strategic move expands MVW's presence significantly, particularly increasing the Hyatt Residence Club's portfolio by 50% with the addition of eight upscale resorts and enhancing customer offerings with 24 vacation properties totaling nearly 3,000 keys. The acquisition positions MVW for substantial future growth and offers additional amenities for over 55,000 owners.

Marriott Vacations Worldwide Corporation (NYSE: VAC) has announced that John Geller, its president and chief financial officer, will lead a fireside chat at the J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum on March 12, 2021, at 9:30 a.m. ET. Investors can tune in to the live webcast via the Investor Relations section on the company's website, which will remain available for 30 days post-event. Marriott Vacations is a premier vacation company, offering a wide array of related services and products.

Marriott Vacations Worldwide Corporation (NYSE: VAC) announced its fourth quarter and full year 2020 financial results, indicating a strong recovery in contract sales with a 27% increase sequentially to $178 million in Q4. However, full year contract sales declined 57% to $654 million, resulting in a net loss of $275 million. The company ended 2020 with $1.3 billion in liquidity and plans to acquire Welk Resorts for approximately $430 million, projecting enhanced growth opportunities. Outlook for Q1 2021 indicates contract sales between $190 million and $210 million.

Marriott Vacations Worldwide Corporation (NYSE: VAC) will release its financial results for the fourth quarter and full-year 2020 after market close on February 24, 2021. A conference call to discuss these results is scheduled for 8:30 a.m. ET on February 25, 2021. Investors can access the call by dialing (877) 407-8289, and a live webcast will be available on the company's Investor Relations website. An audio replay will be accessible from 10:00 a.m. on February 25 until 10:00 p.m. on March 25, 2021.

Marriott Vacations Worldwide Corporation (NYSE: VAC) announced the pricing of a private offering of $500 million in 0.00% convertible senior notes due 2026, with an option for initial purchasers to acquire an additional $75 million. The proceeds will primarily finance the acquisition of Welk Resorts for $430 million and repay debts. The notes will mature on January 15, 2026, with a conversion rate of 5.8476 shares per $1,000, reflecting a 40% premium over the last share price of $122.15. The offering is set to close on February 2, 2021.