Printer Friendly

MARRIOTT INTERNATIONAL TO COMPLETE $150 MILLION NOTE OFFERING

 WASHINGTON, Dec. 2 /PRNewswire/ -- Marriott International, Inc. (NYSE: MAR), said today that it has entered into a definitive underwriting agreement under which Lehman Brothers Inc.; Donaldson, Lufkin & Jenrette Securities Corporation; and Smith Barney Shearson Inc. will purchase $150 million of 10-year fixed rate senior notes. The previously announced transaction is scheduled to close on Dec. 9, 1993.
 Marriott International said the noncallable 6-3/4 percent notes are priced at 99.281 to yield 6.85 percent, representing a spread of 105 basis points over 10-year Treasuries. The issue has been rated Single A Minus by Standard & Poor's Corporation and Baa1 by Moody's Investors Service.
 Michael A. Stein, executive vice president and chief financial officer of Marriott International, said, "We are pleased with the broad institutional interest and market response for these notes." He said proceeds from the offering will be used for working capital and general corporate purposes, including repayment of revolving bank debt and other borrowings.
 Marriott International manages or franchises a range of lodging products and operates timesharing resorts; provides food and facilities management services; operates retirement communities; and distributes food and related products.
 -0- 12/2/93
 /CONTACT: Robert T. (Terry) Souers for Marriott International, 301-380-1339/
 (MAR)


CO: Marriott International Inc. ST: District of Columbia IN: FIN LEI SU: OFR

DT-MH -- DC026 -- 9948 12/02/93 16:04 EST
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:Dec 2, 1993
Words:222
Previous Article:ANB CORP. REPORTS 4TH QUARTER DIVIDEND
Next Article:PATRICK PETROLEUM COMPANY DECLARES PREFERRED DIVIDEND
Topics:

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