By Patrick McGee Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- Wyndham Worldwide Corp. (WYN) plans to offer five- and 10-year notes in connection with an offer to redeem outstanding debt in the U.S. credit markets Monday, according to a registration filing with the Securities and Exchange Commission. Outstanding debt from the hospitality company is rated Baa3 by Moody's Investors Service and BBB-minus by Standard & Poor's. The notes feature a change-of-control provision allowing investors to redeem them at 101 cents on the dollar should the company be acquired. Net proceeds are for repurchasing some outstanding debt through a tender offer separately reported by the company Monday. Outstanding debt includes $250 million in 9.875% notes due 2014, $800 million of 6% senior notes due 2016, and $250 million of 7.375% notes due 2020. Wyndham may also use the proceeds for general corporate purposes, to repay borrowings under a revolving credit facility, or to buy short-term investments. J.P. Morgan Chase & Co. (JPM) is bookrunner on the deal, with support from Deutsche Bank AG (DB, DBK.XE) and Royal Bank of Scotland Group PLC (RBS, RBS.LN) on the five-year tranche, and Goldman Sachs Group Inc. (GS) and Credit Suisse Group AG (CS, CSGN.VX) on the 10-year tranche. -By Patrick McGee, Dow Jones Newswires; 212-416-2382; patrick.mcgee@dowjones.com
