Lehman Brothers Collection - Contemporary Business Archives

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Lehman Brothers Collection

Twentieth-Century Business Archives

Marriott Corporation Deal - Lehman Brothers Collection

Marriott Corporation

Company Deal1,000,000 shares of common stock
Transaction TypeCommon Stock
Deal DescriptionMarriott Corporation deposited the net proceeds from this transaction in trust in a special bank account at Bankers Trust Company, New York, New York. Immediately, or from time to time, such funds were released from such trust and transferred to the company's general funds. Of such proceeds, a portion was loaned to Marriott Financial Services, Inc., a wholly owned unconsolidated subsidiary of Marriott Corporation, and used by Marriott Financial to retire an equivalent amount of its indebtedness to banks, guaranteed by Marriott Corporation. Another portion of the proceeds was applied toward the reduction of interim construction financing of the company consisting of commercial paper. The proceeds of all such indebtedness were used for general corporate purposes, including the costs involved in the expansion of hotels and other facilities, and working capital requirements.
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