PARSIPPANY, N.J., (March 19, 2010) — Wyndham Worldwide Corporation (NYSE: WYN) today announced that it has completed a term securitization transaction involving the issuance of $300 million of investment-grade asset-backed notes. Sierra Timeshare 2010-1 Receivables Funding LLC issued $300 million of A rated vacation ownership loan backed notes, which have an advance rate of 72.25% and a coupon of 4.48%.
“This transaction reflects a significant improvement in the asset-backed securities market over the past year,” said Tom Conforti, chief financial officer, Wyndham Worldwide. “We are pleased with the execution of this transaction, which demonstrates our experience and expertise in the asset-backed securities market.”
Sierra Timeshare 2010-1 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
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 approximately 7,110 franchised hotels and approximately 597,700 hotel rooms worldwide. Wyndham Exchange and Rentals offers leisure travelers, including its 3.8 million members, access to over 65,000 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 155 vacation ownership resorts serving over 820,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs approximately 25,000 employees globally.
For more information about Wyndham Worldwide, please visit the company’s website at www.wyndhamworldwide.com.
SOURCE Wyndham Worldwide Corporation