vac-20200722
0001524358falseJuly 22, 202000015243582020-07-222020-07-22

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________
FORM 8-K
_________________________
Current Report
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 22, 2020
_________________________
Marriott Vacations Worldwide Corporation
(Exact name of registrant as specified in its charter)
 _________________________
Delaware 001-35219 45-2598330
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
6649 Westwood Blvd.OrlandoFL32821
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code (407) 206-6000
N/A
(Former name or former address, if changed since last report)
_________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 Par ValueVACNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   




Item 8.01. Regulation FD Disclosure
Marriott Vacations Worldwide Corporation (the “Company”) announced today the completion of a securitization of a pool of approximately $383 million of vacation ownership loans in a transaction involving the MVW 2020-1 LLC (the “2020-1 Transaction”).
A copy of the Company’s press release regarding the 2020-1 Transaction is attached as Exhibit 99.1 and is incorporated by reference.
Item 9.01. Financial Statements and Exhibits
(d) The following exhibits are being filed with this report: 
Exhibit NumberDescription
Press release dated July 22, 2020
101Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document
104The cover page from this Current Report on Form 8-K, formatted as Inline XBRL (included as Exhibit 101)

1


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
MARRIOTT VACATIONS WORLDWIDE CORPORATION
(Registrant)
Dated: July 22, 2020By:/s/ John E. Geller, Jr.
Name:John E. Geller, Jr.
Title:Executive Vice President and Chief Financial and Administrative Officer

2
Document
Exhibit 99.1

https://cdn.kscope.io/cf3178075acdd3c986b5c9a5f06f4d7e-mvwbannerforpressrelea1.jpg
Neal Goldner
Investor Relations
Marriott Vacations Worldwide Corporation
407.206.6149
Neal.Goldner@mvwc.com
Ed Kinney
Corporate Communications
Marriott Vacations Worldwide Corporation
407.206.6278
Ed.Kinney@mvwc.com
Marriott Vacations Worldwide Completes Securitization of Vacation Ownership Loans
ORLANDO, Fla. - July 22, 2020 - Marriott Vacations Worldwide Corporation (NYSE: VAC) announced today the completion of its first timeshare receivable securitization of 2020, offered pursuant to Rule 144A and outside the United States in accordance with Regulation S under the Securities Act of 1933, as amended. $375 million of notes (the “Notes”) were issued in the transaction, backed by a pool of approximately $383 million of vacation ownership loans. The overall weighted average interest rate of the Notes is 2.53 percent and the transaction has a gross advance rate of 98 percent.
The Notes were issued by MVW 2020-1 LLC (the “LLC”) in four classes: approximately $238 million of Class A Notes, approximately $72 million of Class B Notes, approximately $44 million of Class C Notes, and approximately $21 million of Class D Notes. The Class A Notes have an interest rate of 1.74 percent, the Class B Notes have an interest rate of 2.73 percent, the Class C Notes have an interest rate of 4.21 percent, and the Class D Notes have an interest rate of 7.14 percent.
Approximately $368 million of the loans were purchased on July 22, 2020, by the LLC, and all or a portion of the remaining loans may be purchased by the LLC prior to October 1, 2020. Of the $375 million in proceeds from the transaction, $15 million will be held by the LLC until it purchases all or a portion of the remaining loans or, if not used for that purpose, returned to the investors. In addition, approximately $300 million was used to repay all outstanding amounts previously drawn under Marriott Vacations Worldwide’s $531 million warehouse credit facility, approximately $7 million was used to pay transaction expenses and fund required reserves, and the remaining $53 million will be used for general corporate purposes. In connection with the 2020-1 securitization, Marriott Vacations Worldwide will redeem the MVWOT 2013-1 transaction for approximately $16 million.
This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The Notes have not been registered under the Securities Act of 1933, as amended, or any state securities law. Unless so registered, the Notes may not be offered or sold in the United States, except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.
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About Marriott Vacations Worldwide Corporation
Marriott Vacations Worldwide Corporation is a leading global vacation company that offers vacation ownership, exchange, rental and resort and property management, along with related businesses, products and services. The company has a diverse portfolio that includes seven vacation ownership brands. It also includes exchange networks and membership programs, as well as management of other resorts and lodging properties. As a leader and innovator in the vacation industry, the company upholds the highest standards of excellence in serving its customers, investors and associates while maintaining exclusive, long-term relationships with Marriott International



and Hyatt Hotels Corporation for the development, sales and marketing of vacation ownership products and services. For more information, please visit www.marriottvacationsworldwide.com.