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Stock impact report

Marriott Vacations Worldwide Amends its Senior Secured Credit Facilities at Improved Terms

Marriott Vacations Worldwide Corporation (VAC) 
Last marriott vacations worldwide corporation earnings: 2/26 04:15 pm Check Earnings Report
Company Research Source: Business Wire
ORLANDO, Fla.--(BUSINESS WIRE)--Marriott Vacations Worldwide Corporation (NYSE: VAC) (“MVW” or the “Company”) today announced that it has amended its credit agreement to refinance its senior secured revolving credit facility at improved terms and add a senior secured delayed-draw term loan facility to provide flexibility to refinance its convertible notes maturing January 2026.The amendment replaces the Company’s previous $750 million senior secured revolving credit facility, which was scheduled to mature on March 31, 2027, with a new $800 million revolving credit facility scheduled to mature on March 24, 2030, reducing drawn and undrawn pricing including a 25 basis point reduction in interest spreads.The amended agreement also includes a new $450 million delayed-draw term loan facility maturing December 31, 2027, which is available solely to finance the redemption or repurchase of the Company’s 0.00% Convertible Senior Notes due January 15, 2026.“We are happy to have updated and Show less Read more
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