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MARRIOTT TO COMPLETE OFFERING OF $200 MILLION IN CONVERTIBLE PREFERRED STOCK

 MARRIOTT TO COMPLETE OFFERING OF $200 MILLION
 IN CONVERTIBLE PREFERRED STOCK
 WASHINGTON, Dec. 19 /PRNewswire/ -- Marriott Corporation (NYSE: MHS) said today that it has entered into a definitive underwriting agreement under which Merrill Lynch & Co. and Goldman, Sachs & Co. will purchase $200 million of Marriott convertible preferred stock in connection with a public offering. The transaction, which was oversubscribed from the originally announced $150 million, is scheduled to close on Monday, Dec. 23, 1991.
 The shares carry an 8-1/4 percent dividend, can be converted to Marriott common stock at $17.40 per share, and can be called by the company after Jan. 15, 1996.
 Marriott said that proceeds of the offering will be used to repay debt.
 Marriott Corporation, based in Washington, is a diversified hospitality company involved in lodging and contract services.
 -0- 12/19/91
 /CONTACT: R. A. Rankin Jr. or Robert T. Souers, of Marriott Corporation, 301-380-7770/
 (MHS) CO: Marriott Corporation ST: District of Columbia IN: SU: OFR


DS -- DC003 -- 3717 12/19/91 08:56 EST
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Publication:PR Newswire
Date:Dec 19, 1991
Words:171
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