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Marriott Vacations to use proceeds of new notes to pay down revolver
By Mary-Katherine Stinson
Lexington, Ky., Dec. 5 – Marriott Vacations Worldwide Corp. will use a portion of the proceeds from a new convertible note offering to repay a portion of the company’s revolving credit facility, according to a press release.
A portion of proceeds are also intended to fund the full redemption of Marriott Ownership Resorts, Inc.’s outstanding 6 1/8% senior secured notes due 2025. The secured notes will be redeemed at 103.063 plus interest.
In addition, proceeds are earmarked for the repurchase of up to $55 million in value of its common stock under its existing share repurchase program in privately negotiated transactions effected through one or more of the initial purchasers and/or their respective affiliates as agent and to pay fees premiums and expenses of the new note offering.
The vacation ownership, exchange, rental and resort and property management company is based in Orlando, Fla.
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