Published on 8/12/2020 in the Prospect News High Yield Daily and Prospect News Investment Grade Daily.
New Issue: Marriott prices $1 billion 3.5% notes due 2032 at Treasuries plus 290 bps spread
By Cristal Cody
Tupelo, Miss., Aug. 12 – Marriott International Inc. priced $1 billion of 3.5% senior notes due Oct. 15, 2032 (Baa3/BBB-) on Wednesday at a spread of 290 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.
Initial price talk was in the Treasuries plus 330 bps area.
The notes priced at 99.278 to yield 3.573%.
Deutsche Bank Securities Inc., BofA Securities, Inc., Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Scotia Capital (USA) Inc., U.S. Bancorp Investments, Inc., Fifth Third Securities, Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., ICBC Standard Bank plc and Truist Securities, Inc. were the bookrunners.
Proceeds will be used for general corporate purposes, including the repayment of outstanding debt, which may include credit facility borrowings.
The lodging company is based in Bethesda, Md.
| Issuer: | Marriott International Inc.
|
| Amount: | $1 billion
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| Maturity: | Oct. 15, 2032
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| Description: | Series GG senior notes
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| Bookrunners: | Deutsche Bank Securities Inc., BofA Securities, Inc., Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Scotia Capital (USA) Inc., U.S. Bancorp Investments, Inc., Fifth Third Securities, Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., ICBC Standard Bank plc and Truist Securities, Inc.
|
| Senior co-managers: | BNY Mellon Capital Markets, LLC, Capital One Securities, Inc., Loop Capital Markets LLC, PNC Capital Markets LLC, Siebert Williams Shank & Co., LLC, TD Securities (USA) LLC and UniCredit Capital Markets LLC
|
| Co-managers: | Santander Investment Securities Inc., Standard Chartered Bank and Standard Bank of South Africa Ltd.
|
| Coupon: | 3.5%
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| Price: | 99.278
|
| Yield: | 3.573%
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| Spread: | Treasuries plus 290 bps
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| Call features: | Make-whole at price equal to greater of par and Treasuries plus 45 bps until July 15, 2032; thereafter at par
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| Change-of-control put: | 101%
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| Trade date: | Aug. 12
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| Settlement date: | Aug. 14
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| Ratings: | Moody’s: Baa3
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| S&P: BBB-
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| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 330 bps area
|
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