8-KRegulation FDExhibits & Filings

MARRIOTT INTERNATIONAL INC /MD/ 8-K Report, Regulation FD Disclosure (Sep 22, 2021)

Filed September 22, 2021For Securities:MAR

Summary

Marriott International, Inc. (MAR) announced early tender results for its cash tender offer, initially set for up to $800 million, which has now been increased to $1 billion. This tender offer involves specific series of notes maturing in 2025, including 5.750% Series EE Notes, 3.750% Series P Notes, and 3.750% Series V Notes. The company has decided to expand the aggregate principal amount it is willing to repurchase, indicating a proactive approach to managing its debt structure.

Key Highlights

  • 1Marriott announced early tender results for its debt repurchase program.
  • 2The aggregate principal amount for the cash tender offer has been increased from $800 million to $1 billion.
  • 3The tender offer specifically targets 5.750% Series EE Notes due 2025, 3.750% Series P Notes due 2025, and 3.750% Series V Notes due 2025.
  • 4The early tender results provide an indication of investor participation and market appetite for the offer.
  • 5The increase in the maximum principal amount suggests Marriott's intention to retire a larger portion of these specific debt issuances.
  • 6All other terms of the tender offer remain unchanged from the original offer to purchase.

Frequently Asked Questions

The tender offer is a cash repurchase of specific Marriott debt notes, allowing the company to manage its debt maturity profile and potentially reduce interest expenses by buying back outstanding debt.

The increase from $800 million to $1 billion suggests that either there was strong investor participation in tendering their notes early, or Marriott sees an opportunity and has the financial capacity to retire more of this specific debt at favorable terms.

The tender offer includes Marriott's 5.750% Series EE Notes due 2025, 3.750% Series P Notes due 2025, and 3.750% Series V Notes due 2025.

The early tender results provide an early snapshot of how many bondholders are participating. A high participation rate or strong demand could influence the final repurchase amount and signal investor confidence in Marriott's financial management.