Summary
Marriott International, Inc. (MAR) announced on February 22, 2024, the successful completion of a public offering of senior unsecured notes, raising a total of $1.5 billion. The offering consisted of $500 million in 4.875% Series NN Notes due 2029 and $1 billion in 5.300% Series OO Notes due 2034. The company received net proceeds of approximately $1.468 billion after deducting underwriting discounts and expenses. These proceeds are intended for general corporate purposes, including potential use for working capital, capital expenditures, acquisitions, stock repurchases, or debt repayment. This debt issuance provides Marriott with additional financial flexibility and capital to support its ongoing strategic initiatives and operational needs.
Key Highlights
- 1Marriott International successfully issued $1.5 billion in aggregate principal amount of senior unsecured notes.
- 2The offering comprises $500 million of 4.875% Series NN Notes due 2029 and $1 billion of 5.300% Series OO Notes due 2034.
- 3Net proceeds received from the offering amounted to approximately $1.468 billion.
- 4The company intends to use the net proceeds for general corporate purposes, offering flexibility for future investments and operations.
- 5The notes were issued under an existing indenture dated November 16, 1998.
- 6The company filed a Prospectus Supplement and other relevant documents with the SEC in connection with the offering.