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Marriott Raises $920 Million Through Amended Agreements with Chase and Amex
May 7, 2020
Source: Marketwatch
Marriott International Inc. MAR, +6.00% announced Tuesday that it has raised $920 million by signing amendments to co-brand credit-card agreements with J.P. Morgan Chase & Co. JPM, +1.04% and American Express Co. AXP, +3.25%. Through these amendments, Marriott will raise $570 million from Chase and $350 million from American Express, according to a filing with the Securities and Exchange Commission. Marriott will record these amendments as deferred revenue and make the cash available for general corporate purposes. The Chase agreement includes $500 million of prepayment of some future revenues and $70 million from Chase's early payment of a co-brand signing bonus that the two companies had agreed upon earlier. American Express is pre-purchasing Marriott Bonvoy points and its $350 million includes "other consideration" as well. Marriott also announced in the filing that it "has also terminated the $1.5 billion 364-day revolving credit facility commitment it announced on April 14, 2020, the capacity of which was substantially reduced as a result of the Series EE senior notes offering the company completed on April 16, 2020." Marriott shares are up more than 3% in premarket trading Tuesday. The stock has declined 44% over the past three months as the S&P 500 [S: SPX] has lost 15%.
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