Marriott International increases multicurrency revolver to $2 billion

By Toni Weeks

San Luis Obispo, Calif., July 19 - Marriott International, Inc. amended its multicurrency revolving credit agreement on July 18, increasing its size to $2 billion from $1.75 billion and extending its expiration to July 18, 2018 from June 23, 2016, according to an 8-K filed Friday with the Securities and Exchange Commission.

Under the agreement, borrowings bear interest at Libor plus 90 basis points to 150 bps, with the margin based on the company's public debt rating. The company will also pay a facility fee of 10 bps to 25 bps, also based on public debt rating.

Bank of America, NA is the administrative agent. J.P. Morgan Securities, LLC, Bank of America Merrill Lynch and Wells Fargo Securities, LLC are the joint lead arrangers and joint bookrunners. JPMorgan Chase Bank, NA and Wells Fargo Bank, NA are co-syndication agents. Bank of Nova Scotia and Royal Bank of Scotland plc are the documentation agents.

The lodging company is based in Bethesda, Md.

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