Marriot Vacations Worldwide said it has completed the securitization of a pool of approximately $361 million of vacation ownership loans. Approximately $303 million of the loans were purchased Aug. 17 by the MVW Owner Trust 2017-1 and all or a portion of the remaining loans may be purchased by the trust prior to Jan. 15. In connection with the securitization, investors purchased $350 million of notes from the trust.
Of the $350 million in proceeds from the transaction, $56 million will be held by the trust for the remaining loans. Approximately $49 million was used to repay a warehouse credit facility and approximately $7 million was used to pay transaction expenses and fund reserves. The remainder will be used for general corporate purposes.