Marriott Vacations to roadshow $750 million notes through Wednesday, whisper is 6½% area

By Paul A. Harris

Portland, Ore., Aug. 6 – Marriott Vacations Worldwide Corp. plans to market a $750 million offering eight-year senior notes on a Monday to Wednesday roadshow, according to market sources.

The deal is in the market with initial guidance in the 6½% area.

BofA Merrill Lynch is managing the sale.

The notes come with three years of call protection.

The issuing entity will be Marriott Ownership Resorts, Inc., a wholly owned subsidiary of Marriott Vacations Worldwide.

The Orlando, Fla.-based vacation ownership company plans to use the proceeds, along with new credit facilities and cash on hand, to help fund its acquisition of ILG, Inc., a Miami-based operator of vacation resorts and clubs, and to repay debt under ILG’s revolving credit facility.

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