Marriott Vacations completes $375M securitization of vacation ownership loans

MARRIOTT VACATIONS WORLDWIDE Corp

$375M in notes issued backed by ~$383M pool of vacation ownership loans from all timeshare brands.
Overall weighted average interest rate of 4.59% with gross advance rate of 98%.
Notes issued in four classes: $220M (4.15%), $77M (4.40%), $48M (5.23%), $30M (7.35%).
Proceeds used to repay $98M in warehouse facility, fund reserves/expenses ($7M), and $176M for general corporate purposes.
Will redeem VSE 2016-A transaction for ~$38M; majority of acquired loans to be purchased by LLC.

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