PARSIPPANY, N.J., March 26, 2015 /PRNewswire/ -- Wyndham
Worldwide Corporation (NYSE: WYN) announced today the closing of a
new $1.5 billion revolving credit
facility to replace its existing $1.5
billion facility, which had been scheduled to mature in
July 2018. The maturity date of the
new facility is July 2020. The
company maintained its existing $750
million U.S. and $500 million
European commercial paper programs. There is no change to the
company's overall corporate debt balance as a result of this
transaction.
J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner
& Smith Incorporated acted as Joint Bookrunners for the new
revolving credit facility. Bank of America, N.A. will be
acting as administrative agent for the new revolving credit
facility.
In addition, the company completed a term securitization
transaction involving the issuance of $350
million of asset-backed notes. Sierra Timeshare 2015-1
Receivables Funding LLC issued $276
million of A rated notes and $74
million of BBB rated notes. The notes were backed by
vacation ownership loans and had coupons of 2.40% and 3.05%,
respectively, for an overall weighted average coupon of 2.54%. The
advance rate for this transaction was 90%.
Sierra Timeshare 2015-1 Receivables Funding LLC is an indirect
subsidiary of Wyndham Vacation Ownership. The transaction was
completed in reliance upon Rule 144A and Regulation S as a
placement of securities not registered under the Securities Act of
1933, as amended, or any state securities law. All of such
securities having been sold, this announcement of their sale
appears as a matter of record only.
About Wyndham Worldwide Corporation
One of the world's largest hospitality companies, Wyndham
Worldwide (NYSE: WYN) provides a wide range of hospitality services
and products through its global portfolio of world-renowned
brands. The world's largest hotel company based on the number
of properties, Wyndham Hotel Group is home to many of the world's
best-known hotel brands, with over 7,600 franchised hotels and
approximately 661,000 hotel rooms worldwide. Wyndham Exchange &
Rentals is the worldwide leader in vacation exchange and the
world's largest professionally managed vacation rentals business,
providing more than 5 million leisure-bound families annually with
access to over 107,000 vacation properties in over 100 countries
through its prominent exchange and vacation rental brands. The
industry and timeshare ownership market leader, Wyndham Vacation
Ownership develops, markets, and sells vacation ownership interests
and provides consumer financing to owners through its network of
over 200 vacation ownership resorts serving approximately 904,000
owners throughout the United
States, Canada,
Mexico, the Caribbean, and the South Pacific. Based in
Parsippany, NJ, Wyndham Worldwide
employs over 34,000 associates globally. For more information,
please visit www.wyndhamworldwide.com.
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SOURCE Wyndham Worldwide Corporation