Marriott Vacations prices $500M 3.25% convertible senior notes due 2027, redeems higher-cost debt

MARRIOTT VACATIONS WORLDWIDE Corp

Priced $500M of 3.25% convertible senior notes due December 2027; initial purchasers have option for additional $75M.
Initial conversion price ~$189.65 per share (32.5% premium over Dec 5 close of $143.13).
Net proceeds to redeem $6.125% secured notes due 2025 at 103.063% of principal, repay revolver, and repurchase ~0.384M shares at $143.13.
Concurrently entered convertible note hedge and warrant transactions; closing expected December 8, 2022.

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