Marriott International Enters Amended $5B Credit Agreement, Extends Maturity

What Happened
Marriott International, Inc. announced on September 23, 2026 that it entered into a Seventh Amended and Restated Credit Agreement with Bank of America, N.A., as administrative agent and certain banks. The amendment increases the company’s multicurrency revolving credit commitments, adjusts pricing and certain definitions, and extends the facility maturity date.

Key Details

• Amended Agreement date: September 23, 2026; administrative agent: Bank of America, N.A.
• Aggregate commitments increased from $4.50 billion to $5.00 billion; maximum upon exercise of increase option raised from $5.00 billion to $5.50 billion.
• Maturity extended from December 14, 2027 to September 23, 2031.
• Borrowings generally bear interest at SOFR plus a spread based on Marriott’s public debt rating; Marriott also pays quarterly fees tied to its public debt rating.
• Agreement adjusts the calculation of “EBITDA,” updates interest margins and facility fees, and includes the ability to amend rates/fees to reflect to‑be‑agreed environmental key performance indicators (KPIs).
• The filing attaches the Seventh Amended and Restated Credit Agreement as Exhibit 10 to the Form 8-K.

Why It Matters
The amendment increases Marriott’s committed liquidity and pushes the revolving credit maturity out to 2031, delaying when the company would need to refinance this facility. Pricing tied to Marriott’s public debt rating means changes in the company’s rating will affect borrowing costs and fees; the agreement also introduces a potential future linkage of pricing to environmental KPIs. Investors should note the larger capacity ($5.0B, expandable to $5.5B) and the updated EBITDA definition, which can affect covenant calculations and the company’s short- and medium-term financing profile.