Exhibit 99
NEWS
MARRIOTT INTERNATIONAL RAISES $920 MILLION IN CASH THROUGH AMENDMENTS TOCO-BRAND CREDIT CARD AGREEMENTS WITH JPMORGAN CHASE & CO. AND AMERICAN EXPRESS
BETHESDA, MD – May 5, 2020 - Marriott International, Inc. (“Marriott” or “the company”) today announced it has signed amendments to its existingco-brand credit card agreements with JPMorgan Chase & Co. (“Chase”) and American Express. These amendments will provide the company with $920 million of cash, further enhancing its liquidity, with $570 million coming from Chase and $350 million coming from American Express.
The $570 million from Chase includes $500 million of prepayment of certain future revenues and $70 million from the early payment of a previously committed signing bonus under theco-brand credit card agreement. The $350 million from American Express is for thepre-purchase of Marriott Bonvoy points and other consideration. In each case the cash will be recorded by Marriott as deferred revenue and will be available for general corporate purposes.
Both amendments include extensions of the existingco-brand credit card agreements, so they continue to beco-terminus.
The company has also terminated the $1.5 billion364-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.
CAUTIONARY LANGUAGE CONCERNING FORWARD-LOOKING STATEMENTS
All statements in this press release are made as of May 5, 2020. We undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise. This press release contains “forward-looking statements” within the meaning of federal securities laws, including statements related to the expected receipt and use of proceeds, and similar statements concerning anticipated future events and expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including those we identify below and other risk factors that we identify in our Securities and Exchange Commission (“SEC”) filings, including our most recent Annual Report on Form10-K and our Current Report on Form8-K dated April 14, 2020.
Marriott International, Inc. (NASDAQ: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of more than 7,300 properties under 30 leading brands spanning 134 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world.
