Published on 10/2/2019 in the Prospect News Investment Grade Daily.
New Issue: Marriott gives details on $550 million 2.125% three-year senior notes
By Devika Patel
Knoxville, Tenn., Oct. 2 – Marriott International Inc. offered further details about a $550 million sale of 2.125% three-year senior notes (Baa2/BBB) that priced on Tuesday at a spread of 70 basis points over Treasuries, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 99.792 to yield 2.197%.
Initial price talk was in the Treasuries plus 85 bps area.
J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc., BofA Securities, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Fifth Third Securities Inc., Goldman Sachs & Co. LLC, Scotia Capital (USA) Inc. and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used for general corporate purposes.
The lodging company is based in Bethesda, Md.
| Issuer: | Marriott International Inc.
|
| Amount: | $550 million
|
| Maturity: | Oct. 3, 2022
|
| Description: | Series DD senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc., BofA Securities, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Fifth Third Securities Inc., Goldman Sachs & Co. LLC, Scotia Capital (USA) Inc. and Wells Fargo Securities LLC
|
| Senior co-managers: | HSBC Securities (USA) Inc., ICBC Standard Bank plc and SunTrust Robinson Humphrey Inc.
|
| Co-managers: | Williams Capital Group LP, Loop Capital Markets LLC, BNY Capital Markets Inc., Capital One Securities, Inc., PNC Capital Markets LLC, TD Securities (USA) LLC, UniCredit Capital Markets LLC, Santander Investment Securities Inc., Standard Chartered Bank and ANZ Securities, Inc.
|
| Coupon: | 2.125%
|
| Price: | 99.792
|
| Yield: | 2.197%
|
| Spread: | Treasuries plus 70 bps
|
| Call: | Greater of a make-whole call at Treasuries plus 12.5 bps and a par call
|
| Trade date: | Oct. 1
|
| Settlement date: | Oct. 3
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 85 bps area
|
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