Marriott International Raises $920 Million in Cash Through Amendments to Co-Brand Credit Card Agreements with JPMorgan Chase & Co. and American Express
Marriott International, Inc. ("Marriott" or "the company") today announced it has signed amendments to its existing co-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.
Both amendments include extensions of the existing co-brand credit card agreements, so they continue to be co-terminus.
The company 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.
CAUTIONARY LANGUAGE CONCERNING FORWARD-LOOKING STATEMENTS
All statements in this announcement are made as of June 24, 2020. We undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise. This announcement contains "forward-looking statements" within the meaning of federal securities laws, including statements related to expected leadership changes, our pipeline of new projects, 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 the risk factors that we identify in our Securities and Exchange Commission ("SEC") filings, including our most recent Quarterly Report on Form 10-Q.