secwatch.observer — SEC 8-K summary
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Issuer:     MARRIOTT VACATIONS WORLDWIDE Corp (VAC)
CIK:        0001524358
Form:       8-K
Filed at:   2022-05-19T23:59:59+00:00
Accession:  0001524358-22-000022
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Marriott Vacations completes $375M securitization of vacation ownership loans
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- $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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1524358/000152435822000022/0001524358-22-000022-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1524358/000152435822000022/vac-20220519.htm
  HTML page:      https://secwatch.observer/filing/0001524358-22-000022

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer