Marriott Vacations Worldwide Corporation (NYSE: VAC) completed a $460 million securitization of vacation ownership loans, the company announced. The notes were issued by MVW 2026-1 LLC to qualified institutional buyers in the United States under Rule 144A and outside the United States under Regulation S.

The securitization carries a blended interest rate of 4.86% and a gross advance rate of 98%. The transaction was backed by approximately $470 million of vacation ownership loans from the company's timeshare brands.

Three classes of notes were issued: approximately $277 million of Class A Notes at 4.67% interest, approximately $97 million of Class B Notes at 4.97% interest, and approximately $86 million of Class C Notes at 5.36% interest.

"Our ability to execute consistently and efficiently in the securitization market, even during periods of market volatility, is grounded in the durability of our consumer receivables and the stability of our business model," said Jason Marino, Executive Vice President and Chief Financial Officer.

Marriott Vacations Worldwide plans to use the proceeds from the securitization, net of fees, to repay outstanding credit facility obligations and for general corporate purposes. The notes have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States except pursuant to exemptions from registration requirements.

The company operates 120 vacation ownership resorts with approximately 700,000 owner families and manages an exchange network of more than 3,200 affiliated resorts in over 90 countries and territories.