According to an 8K filed with the SEC, Deutsche Bank, Bank of America, Credit Suisse, Truist Bank, Wells Fargo Bank, Fifth Third Bank, HSBC Bank USA and MUFG Bank upsized Marriott Vacations Worldwide’s warehouse credit facility to $531 million, marking an increase of $181 million.
“Our ability to amend our warehouse credit facility at attractive terms at this time reflects the strength of our business model and the resiliency of our cash flow,” John E. Geller Jr., executive vice president and chief financial and administrative officer of Marriott Vacations Worldwide, said.
Under the agreement, the termination date for Marriott’s existing $350 million warehouse facility remains December 2021, if not renewed, with the additional $181 million borrowing capacity terminating on March 31, 2021. The warehouse facility primarily bears interest at LIBOR plus 1.4%. After giving effect to the amendment to the warehouse facility, Marriott has more than $310 million of capacity.
Marriott Vacations Worldwide is a vacation company that offers vacation ownership, exchange, rental and resort and property management, along with related businesses, products and services.