secwatch.observer — SEC 8-K summary
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Issuer:     MARRIOTT VACATIONS WORLDWIDE Corp (VAC)
CIK:        0001524358
Form:       8-K
Filed at:   2025-03-27T23:59:59+00:00
Accession:  0001524358-25-000093
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Marriott Vacations enters $800M new revolver and $450M term loan to refinance 2026 notes
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1524358/000152435825000093/0001524358-25-000093-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1524358/000152435825000093/vac-20250327.htm
  HTML page:      https://secwatch.observer/filing/0001524358-25-000093

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