Marriott International Completes Redemption Of Liquid Yield Option Notes Due 2011

Marriott International, Inc. (MAR / NYSE) announced today that on November 8, 1999, the company redeemed all of its outstanding Liquid Yield Option» Notes due 2011 (Zero Coupon-Subordinated) (the “LYONs”) for approximately $120 million in cash. In addition, holders of LYONs, convertible into 6.1 million shares of Marriott International Class A common stock and 0.8 million shares of Sodexho Marriott Services, Inc. common stock, exercised their conversion rights before the end of the redemption period. In connection with the redemption, Marriott International will recognize a one-time pre-tax charge of $2 million to expense previously capitalized financing costs associated with issuing the LYONs in 1996.