Summary
Marriott International, Inc. (MAR) announced on October 19, 2007, the successful closing of a debt offering, issuing $400 million in aggregate principal amount of 5.625% Series J Notes due 2013. The offering generated net proceeds of approximately $396 million after deducting underwriting discounts and expenses. These funds are designated for general corporate purposes, which include supporting working capital needs, funding capital expenditures, pursuing potential acquisitions, repurchasing company stock, and repaying existing commercial paper borrowings. The notes are set to mature on February 15, 2013, with semi-annual interest payments commencing February 15, 2008.
Key Highlights
- 1Marriott International closed a $400 million offering of 5.625% Series J Notes due 2013.
- 2The offering closed on October 19, 2007.
- 3Net proceeds received by the company were approximately $396 million.
- 4Proceeds are allocated for general corporate purposes, including working capital, capital expenditures, acquisitions, stock repurchases, and commercial paper repayment.
- 5Interest on the notes is payable semi-annually on February 15 and August 15.
- 6The notes mature on February 15, 2013.
- 7The notes were issued under an existing indenture dated November 16, 1998.