Marriott international announces new $1.5 bln 364-day revolving credit facility commitment

Marriott international announces new $1.5 billion 364-day revolving credit facility commitment and leverage covenant waiver for existing revolving credit facility.marriott - expects to report that worldwide systemwide revpar declined approximately 23% in q1 of 2020.marriott - expects to report that revpar in north america down roughly 20 percent in q1.marriott - while there have been early signs of improving demand trends in greater china, negative trends in rest of world have not yet stabilized.marriott - anticipates further hotel closures and erosion in revpar performance.marriott - currently, roughly 25 percent of company's more than 7,300 hotels are temporarily closed.marriott - does not expect to see material improvement until there is a view that spread of covid-19 has moderated and govts have lifted restrictions.marriott - entered amendment to its fifth amended credit agreement that waives quarterly-tested leverage covenant through and including q1 of 2021.marriott - cannot presently estimate financial impact of covid-19 but expects that it will continue to be material to co's results.marriott - saw more significant occupancy and revpar declines in march than in february in all regions except greater china.marriott - expects to report that in march revpar decreased approximately 60 percent worldwide.marriott - has extended transient reservation cancellation window until june 30, 2020 for all existing reservations.
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