Marriott amends $4.5B credit facility, extends maturity to Dec 2027, moves to SOFR

MARRIOTT INTERNATIONAL INC /MD/

Sixth Amended and Restated Credit Agreement entered Dec 14, 2022, extending maturity from June 2024 to Dec 2027.
Replaces LIBOR-based rates with SOFR-based rates and other alternative currency rates.
Adjusts maximum quarterly leverage ratio and EBITDA calculation; permits future ESG-linked interest rate adjustments.
Borrowings bear interest at SOFR plus spread based on Marriott's public debt rating; quarterly fees also based on rating.
Prior material terms generally unchanged; customary events of default included.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MARRIOTT INTERNATIONAL INC /MD/ amended Sixth Amended and Restated Credit Agreement with Bank of America, N.A., as administrative agent and certain banks valued at $4.50 billion (effective 2022-12-14).

Action: amendment
Agreement: credit facility
Counterparty: Bank of America, N.A., as administrative agent and certain banks
Value: $4.50 billion
Effective: 2022-12-14

Exact text from the filing

On December 14, 2022, Marriott International, Inc. (“Marriott” or the “Company”) entered into the Sixth Amended and Restated Credit Agreement with Bank of America, N.A., as administrative agent and certain banks (the “Amended Agreement”).

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Source: SEC EDGAR

accession 0001193125-22-306017

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