Wyndham Worldwide Announces a New Unsecured Credit Facility and Completes a $350 Million Term Securitization

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

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