Summary
Marriott International, Inc. (MAR) has announced the successful completion of a public offering of senior notes, raising approximately $1.135 billion in net proceeds. The offering consists of $450 million in 5.450% Series LL Notes due 2026 and $700 million in 5.550% Series MM Notes due 2028. These proceeds are earmarked for general corporate purposes, which may include working capital, capital expenditures, acquisitions, stock repurchases, or debt repayment, providing the company with significant financial flexibility.
Key Highlights
- 1Marriott International raised approximately $1.135 billion in net proceeds from the issuance of senior notes.
- 2The offering includes $450 million of 5.450% Series LL Notes due 2026.
- 3The offering also includes $700 million of 5.550% Series MM Notes due 2028.
- 4Proceeds are intended for general corporate purposes, offering flexibility for growth and financial management.
- 5Interest payments for Series LL Notes are semi-annual (March 15 and September 15), commencing March 15, 2024.
- 6Interest payments for Series MM Notes are semi-annual (April 15 and October 15), commencing April 15, 2024.
- 7The notes are issued under an existing indenture dated November 16, 1998.