Marriott Vacations announces $500M convertible note offering to refinance debt and buy back stock

MARRIOTT VACATIONS WORLDWIDE Corp

Offering $500M in convertible senior notes due 2027, with initial purchasers' option for additional $75M.
Net proceeds to redeem $500M of 6.125% Senior Secured Notes due 2025 at 103.063% of principal, plus accrued interest.
Also to repay revolver borrowings and repurchase up to $55M of common stock under existing share repurchase program.
Company to enter convertible note hedge and warrant transactions to reduce potential dilution.

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