UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 1.01 | Entry into a Material Definitive Agreement. |
On January 26, 2021, Marriott International, Inc. (“Marriott” or the “Company”) entered into the Second Amendment (the “Second Amendment”) to its Fifth Amended and Restated Credit Agreement with Bank of America, N.A., as administrative agent, and certain banks, dated as of June 28, 2019 (the “Credit Facility”). The Second Amendment, among other things, extends the waiver of the quarterly-tested leverage covenant in the Credit Facility through and including the fourth quarter of 2021 (which waiver period may end sooner at the Company’s election), revises the required leverage levels for the covenant when it is re-imposed at the end of the waiver period, and increases the minimum liquidity amount under the liquidity covenant that is tested monthly for the duration of the waiver period.
On January 26, 2021, Marriott also entered into the Third Amendment (the “Third Amendment” and, together with the Second Amendment, the “Amendments”) to the Credit Facility. The Third Amendment reduces the rate floor for the LIBOR Daily Floating Rate and the Eurocurrency Rate (each as defined in the Credit Facility) from 75 basis points to 25 basis points.
The $4.5 billion aggregate commitment amount of the Credit Facility remains unchanged as a result of the Amendments.
The foregoing descriptions of the Amendments are qualified in their entirety by reference to the Amendments, copies of which are attached as Exhibits 10.1 and 10.2 to this Current Report on Form 8-K.
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information included in Item 1.01 of this report is incorporated by reference into this Item 2.03.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits. |
SIGNATURE
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 INTERNATIONAL, INC. | ||||||
| Date: January 28, 2021 |
By: | /s/ Felitia Lee | ||||
| Felitia Lee | ||||||
| Controller and Chief Accounting Officer | ||||||