ORLANDO, Fla., Sept. 17, 2019 /PRNewswire/ — Marriott Vacations Worldwide Corporation (VAC) (“MVW,” “we,” “us” or “our”) today announced that its wholly owned subsidiary, Marriott Ownership Resorts, Inc. (the “Issuer”), priced an offering of $350 million aggregate principal amount of its senior notes due 2028 (the “Notes”) in a private placement. The aggregate principal amount of the Notes to be issued in the offering increased from $300 million to $350 million. The Issuer intends to use the net proceeds from the Notes offering (i) to redeem all of the $139.9 million outstanding aggregate principal amount of 5.625% Senior Notes due 2023 issued by Interval Acquisition Corp., (ii) to redeem all of the $88.2 million outstanding aggregate principal amount of 5.625% Senior Notes due 2023 issued by us and ILG, LLC, (iii) to repay a portion of the outstanding borrowings under our $600.0 million revolving credit facility, (iv) to pay transaction expenses and fees in connection with each of the foregoing and (v) for general corporate purposes.
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