Simpson Thacher represented the initial purchasers, led by J.P. Morgan Securities LLC, in the Rule 144A/Regulation S offering of $500 million aggregate principal amount of 4.5% Senior Notes due 2029 issued by Marriott Ownership Resorts, Inc., a wholly owned subsidiary of Marriott Vacations Worldwide Corporation (“Marriott Vacations”). The notes offering closed on June 21, 2021.
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 over 650,000 owner families 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 90 nations and over 1.7 million members, as well as management of over 160 other resorts and lodging properties.
The Simpson Thacher team for the transaction included John C. Ericson, Patrick Baron and Ben Pittenger (Capital Markets); Jonathan Cantor and Edward Grais (Tax); Larry Moss (ECEB); Genevieve Dorment (Intellectual Property); and Jennie Getsin (Blue Sky). Summer Associate Joshua Frank also provided valuable assistance.