Marriott Vacations completes $280M vacation loan securitization; weighted avg rate 6.58%

MARRIOTT VACATIONS WORLDWIDE Corp

Issued $280M notes backed by $286M vacation ownership loans across four classes.
Class A ($181M at 6.11%), B ($45M at 6.55%), C ($32M at 7.62%), D ($22M at 9.0%); MVW retained Class D.
Proceeds: $259M from first three classes; $129M repaid warehouse facility, $124M for general corporate.
Redeemed MVW 2016-1 securitization (approx $22M) with loans purchased by LLC.
Weighted avg cost of funds for third-party notes 6.37%, overall weighted avg rate 6.58%.

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