Printer Friendly


 WASHINGTON, Aug. 18 /PRNewswire/ -- Marriott Corporation (NYSE: MHS) today announced that it has extended the expiration date for its exchange offer for outstanding publicly held senior notes and debentures aggregating $1.525 billion in principal amount, from Aug. 17, 1993, to 5 p.m. EDT on Aug. 20, 1993. The series of notes and debentures eligible for the exchange offer mature between 1995 and 2012.
 As of Aug. 17, 1993, Marriott had received tenders in the aggregate principal amount of approximately $1.2 billion, representing 80 percent of the total subject to the exchange offer. Tenders were received in approximately the following amounts for each series: 9-5/8 percent Series B due 1996: $88 million (88 percent); 8-1/8 percent Series C due 1996: $133 million (67 percent); 8-7/8 percent Series D due 1997: $80 million (80 percent); 9-7/8 percent Series E due 1997: $131 million (87 percent); 9-1/8 percent Series F due 1995: $46 million (46 percent); 9 percent Series I due 1995: $13 million (13 percent); 10-1/4 percent Series K due 2001: $116 million (93 percent); 10 percent Series L due 2012: $187 million (94 percent); 9-1/2 percent Series M due 2002: $183 million (92 percent); 9-3/8 percent Debentures due 2007: $239 million (96 percent). The foregoing amounts include certain tenders which were made under guaranteed delivery procedures and/or are subject to the delivery of additional required documentation.
 The exchange offer is subject to completion of Marriott's special dividend transaction, for which the company's board of directors has established Sept. 1 and Sept. 10, 1993, respectively, as the record and distribution dates. The exchange offer and the special dividend transaction are expected to occur contemporaneously, but Marriott intends to proceed with the special dividend regardless of whether the exchange offer is consummated. The special dividend transaction is subject to the satisfaction of certain conditions, including receipt of a favorable tax ruling from the Internal Revenue Service. If such conditions are not satisfied on or before Aug. 31, 1993, Marriott may elect to set a new record and completion date for the special dividend.
 This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities. The exchange offer is being made only under the prospectus and consent solicitation and related consents and letters of transmittal and is subject to the terms and conditions set forth therein. No offers will be made or solicited, nor will there be any sale or exchange of securities in any state in which such offer, solicitation, sale or exchange is prohibited by applicable laws.
 BT Securities Corporation (212-775-4300) and S.G. Warburg & Co. (212-459-7754) are acting as dealer managers. Bankers Trust Company is acting as exchange agent, and Mackenzie Partners (800-322-2885) is acting as information agent in connection with the exchange offer and consent solicitation. Any questions or requests for assistance or copies of the prospectus, consents and letters of transmittal or notices of guaranteed delivery may be directed to the information agent or one of the dealer managers. Copies will be furnished promptly at Marriott's expense.
 -0- 8/18/93
 /CONTACT: Nick Hill of Marriott Corporation, 301-380-7484/

CO: Marriott Corporation ST: District of Columbia IN: LEI SU:

TW -- DC003 -- 3795 08/18/93 09:24 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 18, 1993

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