Marriott Vacations Worldwide completes $460 million vacation ownership loan securitization
VAC•Marriott Vacations Worldwide completed a $460 million securitization of vacation ownership loans, backed by approximately $470 million in loans. The notes have a 5.91% blended interest rate and a 98% gross advance rate.
1. Securitization details
The offering includes approximately $303 million of Class A Notes at 5.76%, $99 million of Class B Notes at 6.05% and $58 million of Class C Notes at 6.44%. Net proceeds will pay down outstanding credit facility obligations and fund other general corporate purposes.
