Wyndham Worldwide Completes $350 Million Term Securitizations

Wyndham Worldwide Completes $350 Million Term Securitizations

PARSIPPANY, N.J., Oct. 7 // PRNewswire-FirstCall // -- Wyndham Worldwide Corporation (NYSE: WYN) today announced that it has completed two term securitization transactions involving the issuance of $350 million of investment-grade asset-backed notes:

  • Sierra Timeshare 2009-2 Receivables Funding LLC issued $175 million of AAA rated vacation ownership loan backed notes, which have an advance rate of 55% and a coupon of 4.52%.
  • Sierra Timeshare 2009-3 Receivables Funding LLC issued $175 million of A rated vacation ownership loan backed notes, which have an advance rate of 70% and a coupon of 7.62%.

"We are pleased with the execution of these transactions, which reflect the quality of the underlying vacation ownership receivables and our strong history in the asset-backed market." said Tom Conforti, chief financial officer, Wyndham Worldwide. "We are especially encouraged that the terms of these transactions suggest a steadily improving asset-backed securities market, evidenced by significantly better pricing."

Sierra Timeshare 2009-2 Receivables Funding LLC and Sierra Timeshare 2009-3 Receivables Funding LLC, are indirect subsidiaries of Wyndham Vacation Ownership. The transactions were 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

As one of the world's largest hospitality companies, Wyndham Worldwide offers individual consumers and business-to-business customers a broad suite of hospitality products and services across various accommodation alternatives and price ranges through its premier portfolio of world-renowned brands. Wyndham Hotel Group encompasses over 7,000 franchised hotels and approximately 590,200 hotel rooms worldwide. Group RCI offers its 3.8 million members access to more than 73,000 vacation properties located in approximately 100 countries. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its network of over 150 vacation ownership resorts serving over 830,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs approximately 25,500 employees globally.

SOURCE Wyndham Worldwide Corporation

###

Comments:

comments powered by Disqus

Franchise News Room »


News By Industry »


Featured Opportunities

Chronic Tacos
Chronic Tacos is a California inspired authentic Mexican grill that celebrates the individuality of our customers. We have developed restaurants...
Fitness 1440
One size does not fit all! We work with our owners to design a club that gives them a competitive edge in their marketplace.
Minuteman Press International
Minuteman Press is the world's largest & number 1 rated printing & marketing franchise. Our business model features multiple revenue streams,...
Fantastic Sams
Fantastic SamsĀ® is one of the most recognized brands in the hair care industry with nearly 1,200 full-service salons in North America and 40 years...
Blaze Pizza
Blaze Pizza, the recognized world leader in fast, artisanal pizza, is looking to add to our team of top-tier franchise partners.
Share This Page

Subscribe to Franchising Express

A Franchise Update Media Production
Franchise Update Media
P.O. Box 20547
San Jose, CA 95160
PH. (408) 402-5681
In Loving Memory Of Timothy Gardner (1987-2014)

Copyright © 2001 - 2018.
All Rights Reserved.