Marriott International says holders of $400 million convertibles exercise put option

New York, May 10 - Marriott International, Inc. said holders of $400 million principal amount at maturity of its zero-coupon Liquid Yield Option Notes (LYONs) due 2021 exercised the put option on May 8, about 85% of the total.

The put was exercisable at a price of $867.42 per $1,000 principal amount.

The Washington, D.C. hotel company paid the put price in cash, spending a total of $347 million.

There is now $70 million principal amount at maturity of the notes outstanding, Marriott said.

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