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Lending Syndicate Ups Borrowing Capacity for Marriott Vacations Worldwide

April 03, 2020, 09:15 AM
Filed Under: Industry News

Marriott Vacations Worldwide announced that it has amended its non-recourse warehouse credit facility, expanding its borrowing capacity to $531 million, an increase of $181 million.

Lenders include Deutsche Bank AG, Bank of America, N.A., Credit Suisse, AG, Truist Bank, Wells Fargo Bank, N.A., Fifth Third Bank, N.A., HSBC Bank USA, N.A. and MUFG Bank, Ltd., according to a regulatory filing.

"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.

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