ORLANDO, Fla., Oct. 10, 2014 /PRNewswire/ -- Marriott
Vacations Worldwide Corporation (NYSE: VAC) announced today the
completion of a securitization of a pool of approximately
$250 million of vacation ownership
loans. Approximately $205
million of the loans were purchased on October 9, 2014 by the MVW Owner Trust 2014-1
(the "Trust"), and all or a portion of the remaining loans may be
purchased by the Trust prior to February
16, 2015. In connection with the securitization,
investors purchased $240 million of
notes (the "Notes") from the Trust. The Notes were offered in a
private placement within the United
States to qualified institutional buyers pursuant to Rule
144A and outside the United States
in accordance with Regulation S under the Securities Act of 1933,
as amended.
Two classes of Notes were issued by the Trust: approximately
$216 million of Class A Notes and
approximately $24 million of Class B
Notes. The Class A Notes have an interest rate of 2.25 percent and
the Class B Notes have an interest rate of 2.70 percent, for an
overall weighted average interest rate of 2.29 percent.
Of the $240 million in proceeds
from the transaction, approximately $43
million will be held by the Trust until it purchases all or
a portion of the remaining loans or, if not used for that purpose,
returned to the investors. In addition, approximately
$4 million was used to pay
transaction expenses and fund required reserves and the remainder
will be used for general corporate purposes.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The
Notes have not been registered under the Securities Act of 1933, as
amended, or any state securities law. Unless so registered, the
Notes may not be offered or sold in the
United States, except pursuant to an exemption from the
registration requirements of the Securities Act and applicable
state securities laws.
About Marriott Vacations Worldwide Corporation
Marriott Vacations Worldwide Corporation is a leading global
pure-play vacation ownership company. In late 2011, Marriott
Vacations Worldwide was established as an independent, public
company focusing primarily on vacation ownership experiences. Since
entering the industry in 1984 as part of Marriott International,
Inc., the company earned its position as a leader and innovator in
vacation ownership products. The company preserves high standards
of excellence in serving its customers, investors and associates
while maintaining a long-term relationship with Marriott
International. Marriott Vacations Worldwide offers a diverse
portfolio of quality products, programs and management expertise
with more than 60 resorts and approximately 420,000 Owners and
Members. Its brands include: Marriott Vacation Club, The
Ritz-Carlton Destination Club and Grand Residences by Marriott. For
more information, please visit
www.marriottvacationsworldwide.com.
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SOURCE Marriott Vacations Worldwide