Summary
This 8-K filing from Marriott International Inc. reports on the completion of an offer to repurchase certain senior notes originally issued by Starwood Hotel and Resorts Worldwide LLC. Specifically, Marriott repurchased a portion of Starwood's 7.150% Senior Notes due 2019 and 3.125% Senior Notes due 2023. The repurchases, totaling $310,000 for the 2019 Notes and $23,667,000 for the 2023 Notes, indicate Marriott's ongoing management of its debt obligations following the acquisition of Starwood. While the amounts repurchased are relatively small compared to the remaining outstanding principal, this action demonstrates Marriott's proactive approach to debt management and potentially optimizing its capital structure post-merger. Investors should note the remaining outstanding principal amounts for both series of notes, which are $209,445,000 for the 2019 Notes and $326,333,000 for the 2023 Notes, to understand the remaining debt exposure.
Key Highlights
- 1Marriott International Inc. completed an offer to repurchase Starwood's senior notes.
- 2The repurchased notes include 7.150% Senior Notes due 2019 and 3.125% Senior Notes due 2023.
- 3Marriott repurchased $310,000 in principal of the 2019 Notes.
- 4Marriott repurchased $23,667,000 in principal of the 2023 Notes.
- 5Following the repurchase, $209,445,000 in principal of the 2019 Notes remains outstanding.
- 6Following the repurchase, $326,333,000 in principal of the 2023 Notes remains outstanding.