{"schema_version":"secwatch.filing_event.v1","accession":"0001524358-25-000093","form_type":"8-K","ticker":"VAC","cik":"0001524358","company_name":"MARRIOTT VACATIONS WORLDWIDE Corp","filed_at":"2025-03-27T23:59:59+00:00","discovered_at":"2026-05-14T18:03:03.881068+00:00","generated_at":"2026-05-24T03:52:30.098549+00:00","sec_items":["1.01","2.03","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.65,"calibrated_materiality_score":0.65,"confidence":"high","headline":"Marriott Vacations enters $800M new revolver and $450M term loan to refinance 2026 notes","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001524358-25-000093","json":"https://secwatch.observer/filing/0001524358-25-000093.json","markdown":"https://secwatch.observer/filing/0001524358-25-000093.md","text":"https://secwatch.observer/filing/0001524358-25-000093.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1524358/000152435825000093/0001524358-25-000093-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1524358/000152435825000093/vac-20250327.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-24T03:52:30.098549+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"872e65d5bcdcc19cb760cc1b0eac7df523860f9a","claim":"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.","evidence_excerpt":"(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","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1524358/000152435825000093/0001524358-25-000093-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"revolving credit"},{"label":"Principal","value":"$800 million new senior secured revolving facility"},{"label":"Counterparty","value":"JPMorgan Chase Bank, N.A. (as administrative agent and collateral agent) and the lenders party thereto"},{"label":"Rate","value":"SOFR (or base rate) plus margin ranging from 1.50% to 2.00% per annum"},{"label":"Maturity","value":"March 24, 2030"},{"label":"Event","value":"amendment"}],"fact_type":"debt_financing"},{"claim_id":"b0ad8d711d35186ae52aa057b73758852056d4ff","claim":"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.","evidence_excerpt":"(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","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1524358/000152435825000093/0001524358-25-000093-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"term loan"},{"label":"Principal","value":"$450 million new delayed-draw term loan A facility"},{"label":"Counterparty","value":"JPMorgan Chase Bank, N.A. (as administrative agent and collateral agent) and the lenders party thereto"},{"label":"Rate","value":"SOFR (or base rate) plus margin ranging from 1.50% to 2.00% per annum"},{"label":"Maturity","value":"December 31, 2027"},{"label":"Event","value":"amendment"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}