Marriott Ownership firms $800 million term loan B at 99.5 OID

By Sara Rosenberg

New York, March 15 – Marriott Ownership Resorts Inc. finalized the original issue discount on its $800 million seven-year term loan B (BB+) at 99.5, the tight end of the 99 to 99.5 talk, according to a market source.

Pricing on the term loan remained at SOFR plus 225 basis points with a 0% floor.

The term loan still has 101 soft call protection for six months.

JPMorgan Chase Bank, BofA Securities Inc., Wells Fargo Securities LLC and Truist Securities are the leads on the deal.

Proceeds will be used to refinance an existing term loan B due 2025 and to pay related fees and expenses.

Marriott Ownership, a subsidiary of Marriott Vacations Worldwide Corp., is an Orlando, Fla.-based pure-play vacation ownership company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.