PARSIPPANY, N.J., March 22, 2017 /PRNewswire/ -- Wyndham
Worldwide Corporation (NYSE: WYN) announced today that it has
completed a term securitization transaction involving the issuance
of $350 million of asset-backed
notes. Sierra Timeshare 2017-1 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 2.91% and 3.20%, respectively, for an overall weighted
average coupon of 2.97%. The advance rate for this transaction was
90.00%.
Sierra Timeshare 2017-1 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
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.
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SOURCE Wyndham Worldwide Corporation