Marriott International Inc. borrowed $2.0 billion from its credit facility to withstand the impact of the COVID-19 pandemic on global markets.
The additional borrowing is meant to boost the hotelier's cash position and financial flexibility.
The landlord is holding the borrowings as cash, resulting in total cash and cash equivalents of approximately $3.7 billion, which may be used to repay commercial paper, approximately $2.0 billion of which remains outstanding, or for general corporate or other purposes.
The facility was amended and restated with Bank of America NA as administrative agent along with certain other banks in June 2019. The facility now has a total of $4.5 billion outstanding.