PARSIPPANY, N.J., July 15, 2015 /PRNewswire/ -- Wyndham Worldwide
Corporation (NYSE: WYN) announced today that it has completed a
term securitization transaction involving the issuance of
$275 million of asset-backed notes.
Sierra Timeshare 2015-2 Receivables Funding LLC issued $214 million of A rated notes and $61 million of BBB rated notes. The notes
were backed by vacation ownership loans and had coupons of 2.43%
and 3.02%, respectively, for an overall weighted average coupon of
2.56%. The advance rate for this transaction was 90%.
Sierra Timeshare 2015-2 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 7,670 franchised hotels and over 667,000 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 109,000
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 210 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