Marriott Vacations to launch $1.5 billion credit facilities Thursday

By Sara Rosenberg

New York, July 24 – Marriott Vacations Worldwide Corp. is scheduled to hold a bank meeting on Thursday to launch $1.5 billion of credit facilities, according to a market source.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch, SunTrust Robinson Humphrey Inc., Deutsche Bank Securities Inc., Wells Fargo Securities LLC and Credit Suisse Securities (USA) LLC are the lead banks on the deal.

The facilities consist of a $600 million revolver and a $900 million seven-year term loan B, the source said.

Commitments are due on Aug. 9.

Proceeds will be used to help fund the acquisition of ILG for $14.75 in cash and 0.165 of a share of Marriott Vacations common stock for each ILG share. The transaction has an implied equity value of about $4.7 billion.

Closing is expected in the second half of 2018, subject to customary conditions, including regulatory approvals and approval by shareholders of both companies.

Marriott Vacations is an Orlando, Fla.-based pure-play vacation ownership company. ILG is a Miami-based provider of vacation experiences.

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