Marriott Vacations Worldwide (VAC) said Tuesday that it completed a $450 million securitization of vacation ownership loans.
The company said the notes were issued by MVW 2025-1 unit and have a blended interest rate and a gross advance rate of 5.16% and 98%, respectively.
The notes consist of about $277 million of 4.97% interest rate class A notes, $93 million of 5.21% class B notes and $80 million of 5.75% class C notes, Marriott Vacations said.
The transaction is supported by about $459 million of vacation ownership loans from a variety of Marriott's timeshare brands, according to the company.
Net proceeds will be used to pay down outstanding credit facility obligations and for other general corporate purposes, Marriott added.
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