PARSIPPANY, N.J., March 16, 2017 /PRNewswire/ -- Wyndham
Worldwide Corporation (NYSE: WYN) (the "Company") announced today
the pricing of the public offering of $300
million aggregate principal amount of its senior unsecured
notes due 2024 (the "2024 Notes") and $400
million aggregate principal amount of its senior unsecured
notes due 2027 (the "2027 Notes" and collectively with the 2024
Notes, the "notes"). The notes offering is expected to close on
March 21, 2017. The closing of the
notes offering is subject to the satisfaction of customary and
market conditions. The Company intends to use the net proceeds of
this offering for general corporate purposes, which may include
working capital, capital expenditures, acquisitions, stock
repurchases or repayment of outstanding commercial paper or other
borrowings.
The 2024 Notes will bear interest at the rate of 4.150% per year
and the 2027 Notes will bear interest at the rate of 4.500% per
year. The interest rate payable on the notes will be subject to
adjustments from time to time if there are downgrades to the credit
ratings assigned to the notes. Interest on the notes will be
payable semi-annually on April 1 and
October 1 of each year, commencing
October 1, 2017. The 2024 Notes will
mature on April 1, 2024 and the 2027
Notes will mature on April 1, 2027.
The 2024 Notes were offered to the public at a price of 99.818% of
the principal amount and the 2027 Notes were offered to the public
at a price of 99.775% of the principal amount.
J.P. Morgan Securities LLC, Deutsche Bank Securities Inc. and
Wells Fargo Securities, LLC are acting as the joint book-running
managers for the notes offering.
The notes are being offered pursuant to an effective shelf
registration statement that has previously been filed with the
Securities and Exchange Commission (the "SEC"). This press
release shall not constitute an offer to sell, a solicitation to
buy or an offer to purchase or sell any securities. Any offer, or
solicitation to buy, if at all, will be made only by means of a
prospectus and related prospectus supplement filed with the
SEC. You may obtain these documents without charge by
visiting EDGAR on the SEC website at www.sec.gov.
Alternatively, you may request copies of these materials by
contacting J.P. Morgan Securities LLC, 383 Madison Avenue,
New York, NY 10179, Attention:
Investment Grade Syndicate Desk, telephone: 212-834-4533; Deutsche
Bank Securities Inc., 60 Wall Street, New
York, NY 10005-2836, Attention: Prospectus Group, telephone:
800-503-4611 or e-mail: prospectus.CPDG@db.com; and Wells Fargo
Securities, LLC, 608 2nd Avenue South, Suite 1000,
Minneapolis, MN 55402, Attention:
WFS Customer Service, telephone: 800-645-3751 or email:
wfscustomerservice@wellsfargo.com.
About Wyndham Worldwide Corporation
Wyndham Worldwide (NYSE: WYN) is one of the largest global
hospitality companies, providing travelers with access to a
collection of trusted hospitality brands in hotels, vacation
ownership, and unique accommodations including vacation exchange,
holiday parks, and managed home rentals. With a collective
inventory of nearly 130,000 places to stay across more than 100
countries on six continents, Wyndham Worldwide and its 38,000
associates welcomes people to experience travel the way they want.
This is enhanced by Wyndham Rewards®, the Company's re-imagined
guest loyalty program across its businesses, which is making it
simpler for members to earn more rewards and redeem their points
faster. For more information, please visit
www.wyndhamworldwide.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended. Forward-looking statements are any statements other
than statements of historical fact. Forward-looking statements
involve known and unknown risks, uncertainties and other factors,
which may cause the actual results, performance or achievements of
the Company to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements.
You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. Factors that could cause actual results to differ
materially from those in the forward-looking statements include
general economic conditions, the performance of the financial and
credit markets, the economic environment for the hospitality
industry, the impact of war, terrorist activity or political
strife, operating risks associated with the hotel, vacation
exchange and rentals and vacation ownership businesses, as well as
those described in the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2016,
filed with the SEC on February 17,
2017. Except for the Company's ongoing obligations to
disclose material information under the federal securities laws, it
undertakes no obligation to release publicly any revisions to any
forward-looking statements, to report events or to report the
occurrence of unanticipated events.
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SOURCE Wyndham Worldwide Corporation