Marriott Vacations Worldwide Corporation (NYSE:VAC) Files An 8-K Other EventsItem 8.01 Other Events.
On September 21, 2017, Marriott Vacations Worldwide Corporation (the “Company`”) issued a press release announcing the pricing on September 20, 2017 of its offering of $200 million aggregate principal amount of 1.50% convertible senior notes due 2022 (the “Notes”) in a private placement to qualified institutional buyers to Rule 144A under the Securities Act of 1933, as amended. The Company also granted the initial purchasers of the Notes an option to purchase up to an additional $30 million aggregate principal amount of notes, solely to cover over-allotments, if any, within a 13-day period beginning on, and including, the initial closing date.
In connection with the pricing of the Notes, the Company entered into privately negotiated convertible note hedge transactions with affiliates of two of the initial purchasers of the Notes (the “option counterparties”). The Company also entered into warrant transactions with the option counterparties.
A copy of the press release announcing the pricing of the Notes is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 8.01 Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit99.1 |
Press release dated September 21, 2017. |
MARRIOTT VACATIONS WORLDWIDE Corp ExhibitEX-99.1 2 exhibit991-pricingpr9x20x2.htm EXHIBIT 99.1 Exhibit Exhibit 99.1Jeff HansenInvestor RelationsMarriott Vacations Worldwide [email protected] KinneyCorporate CommunicationsMarriott Vacations Worldwide [email protected] Vacations Worldwide Announces Pricing of Offering of$200 Million of Convertible Senior NotesORLANDO,…To view the full exhibit click here
About Marriott Vacations Worldwide Corporation (NYSE:VAC)
Marriott Vacations Worldwide Corporation is a developer, marketer, seller and manager of vacation ownership and related products under the Marriott Vacation Club and Grand Residences by Marriott brands. The Company is a developer, marketer and seller of vacation ownership and related products under The Ritz-Carlton Destination Club brand. The Company develops, markets and sells whole ownership residential products under The Ritz-Carlton Residences brand. The Company operates through three segments: North America, Europe and Asia Pacific. The Company’s portfolio consists of approximately 60 properties in the United States and over eight other countries and territories. The Company’s brands include The Marriott Vacation Club, Grand Residences by Marriott, The Ritz-Carlton Destination Club and The Ritz-Carlton Residences. The Company also offers purchase money financing for purchasers of its vacation ownership products.
