Marriott Completes Sale of Timeshare Loans
Bethesda, MD.- Marriott International, Inc. (NYSE:MAR) today announced the completion of a private placement of approximately $205 million floating rate Timeshare Loan Backed Notes by Marriott Vacation Club Owner Trust 2009-1 with a commercial paper conduit administered by JPMorgan Chase Bank, NA. The floating rate will be swapped into a fixed rate of 9.87%. Marriott contributed approximately $284 million in timeshare mortgages to the Trust and retained a 28 percent residual interest in the trust. Cash flow from the trust will be paid entirely to the holder of the Notes for the next 12 to 24 months; thereafter, Marriott expects to begin receiving its return on its residual interest. Marriott expects that the amount of any gain or loss on the sale of the notes will be immaterial.
The notes have not been and will not be registered under the Securities Act of 1933, as amended, or any state securities laws.
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