Marriott amends revolver, adding $150 million and extends to 2027

By William Gullotti

Buffalo, N.Y., April 6 – Marriott Vacations Worldwide Corp. and Marriott Ownership Resorts, Inc. entered into an incremental facility amendment on March 31 for its credit agreement dated Sept. 5, 2018 with JPMorgan Chase Bank, NA as administrative agent and collateral agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment increased the borrowing capacity of the revolver to $750 million from $600 million, extended the maturity to March 31, 2027 from Aug. 31, 2023 and amended the interest rate to SOFR from Libor.

Borrowings under the revolver will now bear interest at SOFR plus a 10 basis points adjustment and a margin, subject to a 0% floor.

Applicable margins will now range from 175 bps to 225 bps. Commitment fees will range from 25 bps to 35 bps.

The applicable margins and fees were also amended to be leverage-based instead of based upon credit ratings.

No other terms or conditions of the existing credit agreement were changed by the amendment.

Marriott Vacations is an Orlando, Fla.-based pure-play vacation ownership company.

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