Marriot Vacations commences $200 mln private offering of convertible senior notes due 2022 (112.10 -2.00)
The Company expects to use (i) up to approximately $60 million of the net proceeds from the offering to repurchase shares of the Company's common stock from purchasers of notes in the offering in privately negotiated transactions effected through one or more of the initial purchasers or their affiliates conducted concurrently with the pricing of the notes, (ii) a portion of the net proceeds from the offering to pay the cost of the convertible note hedge transactions described below (after such cost is partially offset by the proceeds to the Company from the warrant transactions described below) and (iii) the remaining net proceeds for general corporate purposes, which may include repayment of debt, acquisitions, working capital, inventory, share repurchases and capital expenditure