Printer Friendly

MARRIOTT COMPLETES $400 MILLION DEBT OFFERINGS

 MARRIOTT COMPLETES $400 MILLION DEBT OFFERINGS
 WASHINGTON, May 5, /PRNewswire/ -- Marriott Corp. (NYSE: MHS)


said today that it had completed two fully subscribed senior note debt offerings totalling $400 million. The company also announced the early redemption of $100 million of senior notes.
 The $200 million of 10 percent Series L Senior Notes due May 1, 2012, completed on April 29, was underwritten by Salomon Brothers Inc. and Donaldson, Lufkin & Jenrette Securities Corp.
 The $200 million of 9 1/2 Series M Senior Notes due May 1, 2002, completed on May 5, was underwritten by Salomon Brothers Inc.; Donaldson, Lufkin & Jenrette Securities Corp.; and Citicorp Securities Markets Inc.
 "These financings, coupled with asset sales expected to be completed by June 1992, will allow us to reduce our revolver bank borrowings to under $200 million," said Stephen F. Bollenbach, Marriott executive vice president and chief financial officer. "We have substantially improved our debt maturity schedule through these actions and believe this adds greatly to the financial flexibility of the company."
 Bollenbach said that Marriott is now in a position to repay all its debt maturities in aggregate through the year 2000 from cash flow from operations. "We continue to focus on reducing debt, but we have no need to sell assets at prices below their full value to meet debt maturities," he said.
 Marriott said that it had notified holders of the company's 11-1/8 percent Series A Senior Notes due May 15, 1995, of its intention to redeem the $100 million issue on May 15, 1992. The bonds will be redeemed at par with no penalty.
 Marriott Corp., based in Washington, is a diversified hospitality company involved in lodging and contract services.
 -0- 5/5/92
 /CONTACT: Robert T. Souers of Marriott, 301-380-1339/
 (MHS) CO: Marriott Corporation ST: District of Columbia IN: LEI SU: OFR


DC -- DC011 -- 6547 05/05/92 12:06 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 5, 1992
Words:314
Previous Article:EPA REACHES AGREEMENT WITH POTENTIALLY RESPONSIBLE PARTIES TO CLEAN UP CONTAMINATED SITE IN PLANT CITY, FLA.
Next Article:THE CHERRY CORP. REPORTS SALES AND EARNINGS FOR FISCAL 1992


Related Articles
MARRIOTT TO COMPLETE OFFERING OF $200 MILLION IN CONVERTIBLE PREFERRED STOCK
MARRIOTT REACHES AGREEMENT WITH BONDHOLDER GROUP; COMPANY TO MAKE BOND EXCHANGE OFFER EXTENDING MATURITIES
HOST MARRIOTT HOSPITALITY ANNOUNCES $1 BILLION BOND REFINANCING
HOST MARRIOTT HOSPITALITY ANNOUNCES TERMS OF $1 BILLION BOND OFFERING
HOST MARRIOTT ISSUES SPECIAL DIVIDEND, COMPLETING SPLIT INTO TWO COMPANIES
HOST MARRIOTT REPORTS RESULTS FOR 1995
HOST MARRIOTT REPORTS FIRST QUARTER RESULTS AND ANNOUNCES HOTEL ACQUISITION
Host Marriott Corporation Announces $400 Million Convertible Preferred Offering
Host Marriott Corporation Announces Increase in Proposed Private Placement of Senior Notes Due 2016.
Emaar, Marriott to pump $400m into India hotels.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters