MARRIOTT VACATIONS WORLDWIDE Corp (VAC): debt financing — Marriott Vacations enters $800M new revolver and $450M term loan to refinance 2026 notes

MARRIOTT VACATIONS WORLDWIDE Corp

New $800M senior secured revolver matures March 2030, replacing $750M facility due 2027.
New $450M delayed-draw term loan A available to redeem/repurchase 0.00% Convertible Notes due Jan 2026; matures Dec 2027.
Max first lien leverage ratio covenant increased from 3.00x to 3.50x; minimum interest coverage ratio of 2.00x added.
Borrowings bear interest at SOFR plus 1.50%-2.00%; undrawn commitment fees 0.20%-0.25% per annum.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

MARRIOTT VACATIONS WORLDWIDE Corp amended revolving credit of $800 million new senior secured revolving facility with JPMorgan Chase Bank, N.A. (as administrative agent and collateral agent) and the lenders party thereto at SOFR (or base rate) plus margin ranging from 1.50% to 2.00% per annum maturing March 24, 2030.

Instrument: revolving credit
Principal: $800 million new senior secured revolving facility
Counterparty: JPMorgan Chase Bank, N.A. (as administrative agent and collateral agent) and the lenders party thereto
Rate: SOFR (or base rate) plus margin ranging from 1.50% to 2.00% per annum
Maturity: March 24, 2030
Event: amendment

Exact text from the filing

(i) a new $800 million senior secured revolving facility scheduled to mature on March 24, 2030 (the “New Revolving Facility”) that replaced in full the existing $750 million revolving credit facility under the Credit Agreement, which was scheduled to mature on March 31, 2027, and

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

MARRIOTT VACATIONS WORLDWIDE Corp amended term loan of $450 million new delayed-draw term loan A facility with JPMorgan Chase Bank, N.A. (as administrative agent and collateral agent) and the lenders party thereto at SOFR (or base rate) plus margin ranging from 1.50% to 2.00% per annum maturing December 31, 2027.

Instrument: term loan
Principal: $450 million new delayed-draw term loan A facility
Counterparty: JPMorgan Chase Bank, N.A. (as administrative agent and collateral agent) and the lenders party thereto
Rate: SOFR (or base rate) plus margin ranging from 1.50% to 2.00% per annum
Maturity: December 31, 2027
Event: amendment

Exact text from the filing

(ii) a new $450 million delayed-draw term loan A facility, which is available solely to finance the redemption or repurchase of MVW's 0.00% Convertible Senior Notes due January 15, 2026 and which is scheduled to mature on December 31, 2027

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Source: SEC EDGAR

accession 0001524358-25-000093

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