Summary
Marriott International, Inc. (MAR) announced the successful issuance of $1.1 billion aggregate principal amount of 2.850% Series HH Notes due 2031. The offering, which closed on March 5, 2021, generated net proceeds of approximately $1,089 million after accounting for underwriting discounts and expenses. These funds are earmarked for general corporate purposes, with a specific mention of potentially repaying outstanding indebtedness, including amounts drawn under its existing credit facility. This debt issuance provides Marriott with additional liquidity and flexibility as it navigates the ongoing economic environment. Investors can note the fixed interest rate of 2.850% and the long-term maturity of the notes in 2031. The company intends to use the proceeds strategically to strengthen its balance sheet and support its operational needs.
Key Highlights
- 1Marriott International issued $1.1 billion in 2.850% Series HH Notes due 2031.
- 2Net proceeds from the offering totaled approximately $1,089 million.
- 3Proceeds will be used for general corporate purposes, including potential debt repayment.
- 4The notes mature on April 15, 2031.
- 5Interest payments are scheduled semi-annually on April 15 and October 15, starting October 15, 2021.
- 6The issuance was conducted under an existing indenture dated November 16, 1998.
- 7Relevant documents, including the underwriting agreement and note forms, were filed with the SEC.