Marriott Vacations Worldwide Enters Material Agreement
Ticker: VAC · Form: 8-K · Filed: Apr 2, 2024 · CIK: 1524358
Sentiment: neutral
Topics: material-definitive-agreement, financial-obligation
TL;DR
MVW just signed a big deal, new financial obligation incoming.
AI Summary
On April 1, 2024, Marriott Vacations Worldwide Corporation entered into a Material Definitive Agreement related to a direct financial obligation. The company, headquartered in Orlando, Florida, filed this 8-K report on April 2, 2024, detailing the creation of this obligation.
Why It Matters
This filing indicates a new financial commitment or obligation for Marriott Vacations Worldwide, which could impact its financial structure and future operations.
Risk Assessment
Risk Level: medium — Entering into material definitive agreements and creating financial obligations can introduce new risks related to the terms of the agreement and the company's ability to meet them.
Key Players & Entities
- Marriott Vacations Worldwide Corp (company) — Registrant
- April 1, 2024 (date) — Date of earliest event reported
- April 2, 2024 (date) — Date of Report
- 7812 Palm Parkway, Orlando, FL 32836 (location) — Company Business Address
FAQ
What specific type of material definitive agreement did Marriott Vacations Worldwide Corporation enter into?
The filing states the company entered into a 'Material Definitive Agreement' and created a 'Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant', but the specific details of the agreement are not provided in this excerpt.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on April 1, 2024.
What is the primary business address of Marriott Vacations Worldwide Corporation?
The primary business address is 7812 Palm Parkway, Orlando, FL 32836.
What is the SEC file number for Marriott Vacations Worldwide Corporation?
The SEC file number is 001-35219.
What is the SIC code for Marriott Vacations Worldwide Corporation?
The Standard Industrial Classification (SIC) code is 6531, which corresponds to Real Estate Agents & Managers (For Others).
Filing Stats: 675 words · 3 min read · ~2 pages · Grade level 11.8 · Accepted 2024-04-02 16:15:49
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 Par Value VAC New York Stock Exchange
- $800 million — among other things, provides for a new $800 million term loan facility scheduled to mature
Filing Documents
- vac-20240402.htm (8-K) — 31KB
- ex101-incrementalfacilitya.htm (EX-10.1) — 2560KB
- 0001524358-24-000035.txt ( ) — 3087KB
- vac-20240402.xsd (EX-101.SCH) — 2KB
- vac-20240402_lab.xml (EX-101.LAB) — 21KB
- vac-20240402_pre.xml (EX-101.PRE) — 12KB
- vac-20240402_htm.xml (XML) — 3KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement On April 1, 2024, Marriott Vacations Worldwide Corporation ("MVW"), Marriott Ownership Resorts, Inc. ("MORI") and certain other of MVW's subsidiaries entered into an Incremental Facility Amendment and Amendment No. 3 (the "2024 Amendment") to the Credit Agreement, dated as of August 31, 2018, among MVW, MORI, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and the lenders party thereto (the "Credit Agreement"). The 2024 Amendment, among other things, provides for a new $800 million term loan facility scheduled to mature on April 1, 2031 (the "New Term Loan") that refinanced in full the existing term loan under the Credit Agreement, which was due to mature on August 31, 2025. The interest rate applicable to the New Term Loan is the secured overnight financing rate plus 2.25%. The 2024 Amendment also included other updates and modifications to the provisions of the Credit Agreement. The foregoing summary of the 2024 Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the 2024 Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is hereby incorporated by reference. Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement or a Registrant The information set forth in Item 1.02 above is incorporated by reference into this Item 2.03.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) The following exhibits are being furnished herewith: Exhibit Number Description 10.1 Incremental Facility Amendment and Amendment No. 3, dated as of April 1, 2024, by and among Marriott Vacations Worldwide Corporation, Marriott Ownership Resorts, Inc., as borrower, the subsidiary guarantors party thereto, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and the lenders party thereto 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 1
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MARRIOTT VACATIONS WORLDWIDE CORPORATION (Registrant) Dated: April 2, 2024 By: /s/ Jason P. Marino Name: Jason P. Marino Title: Executive Vice President and Chief Financial Officer 2