Simpson Thacher represented the initial purchasers, led by BofA Securities, Inc., in the Rule 144A/Regulation S offering of $500 million aggregate principal amount of 6.125% Senior Secured Notes due 2025 issued by Marriott Ownership Resorts, Inc., a wholly owned subsidiary of Marriott Vacations Worldwide Corporation (“Marriott Vacations”). The notes offering closed on May 13, 2020. Simpson Thacher also represented JPMorgan Chase Bank, N.A. as the administrative agent in connection with a waiver to Marriott Vacations’ existing credit facilities.
Marriott Vacations is a leading global vacation company that offers vacation ownership, exchange, rental and resort and property management, along with related businesses, products and services. The company has more than 100 resorts and nearly 660,000 owners and members in a diverse portfolio that includes seven vacation ownership brands. It also includes exchange networks and membership programs comprised of nearly 3,200 resorts in over 80 nations and nearly two million members, as well as management of more than 170 other resorts and lodging properties.
The Simpson Thacher team for the transaction included John C. Ericson, Patrick Baron, Ashley Yoon and Brian Kloeblen (Capital Markets); William Sheehan and Michael Brennan (Credit); Jonathan Pall (Collateral); Jonathan Cantor and Morgan Otway (Tax); Larry Moss and Jake Phillips (ECEB); Genevieve Dorment and Loren Shokes (Intellectual Property); Mike Isby (Environmental); and Jennie Getsin (Blue Sky).