ORLANDO, Fla., April 2, 2020 /PRNewswire/ -- Marriott Vacations
Worldwide (NYSE: VAC) announced today that it has amended its
non-recourse warehouse credit facility (the "Warehouse Facility"),
expanding its borrowing capacity to $531
million, an increase of $181
million.
"Our ability to amend our warehouse credit facility at
attractive terms at this time reflects the strength of our business
model and the resiliency of our cash flow," said John E. Geller, Jr., executive vice president
and chief financial and administrative officer.
Under the agreement, the termination date for our existing
$350 million warehouse facility
remains December 2021, if not
renewed, with the additional $181
million borrowing capacity terminating on March 31, 2021. The warehouse facility primarily
bears interest at LIBOR plus 1.4%. After giving effect to the
amendment to the Warehouse Facility, the Company has more than
$310 million of capacity.
About Marriott Vacations Worldwide
Corporation
Marriott Vacations Worldwide Corporation is
a leading global vacation company that offers vacation ownership,
exchange, rental and resort and property management, along with
related businesses, products and services. The company has a
diverse portfolio that includes seven vacation ownership brands. It
also includes exchange networks and membership programs, as well as
management of other resorts and lodging properties. As a leader and
innovator in the vacation industry, the company upholds the highest
standards of excellence in serving its customers, investors and
associates while maintaining exclusive, long-term relationships
with Marriott International, Inc. and Hyatt Hotels Corporation for
the development, sales and marketing of vacation ownership products
and services. For more information, please visit
www.marriottvacationsworldwide.com.
Note on forward-looking statements
This press release contains "forward-looking statements" within
the meaning of federal securities laws, including statements about
expected cash savings, future liquidity, preservation of financial
flexibility and other statements concerning anticipated future
events and expectations that are not historical facts. The company
cautions you that these statements are not guarantees and are
subject to numerous risks and uncertainties, such as: the effects
of the COVID-19 outbreak, including reduced demand for vacation
ownership and exchange products and services, volatility in the
international and national economy and credit markets, worker
absenteeism, quarantines or other travel or health-related
restrictions; the length and severity of the COVID-19 outbreak; the
pace of recovery following the COVID-19 outbreak; competitive
conditions; the availability of capital to finance growth, and
other matters referred to under the heading "Risk Factors"
contained in the company's most recent Annual Report on Form 10-K
filed with the U.S. Securities and Exchange Commission (the "SEC")
and in subsequent SEC filings, any of which could cause actual
results to differ materially from those expressed in or implied in
this press release. These statements are made as April 2, 2020 and the company undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events,
or otherwise.
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SOURCE Marriott Vacations Worldwide