PARSIPPANY, NJ (February 23, 2011) — Wyndham Worldwide Corporation (NYSE: WYN) has announced the pricing of the public offering of $250 million aggregate principal amount of its senior unsecured notes due March 1, 2021. The senior unsecured notes offering is expected to close on March 1, 2011. Wyndham Worldwide intends to use the aggregate net proceeds from the offering to reduce outstanding indebtedness, including the previously announced tender offer to repurchase any and all of the outstanding 3.50% convertible notes due 2012 and repayment of borrowings under the revolving credit facility, and for general corporate purposes.
The senior unsecured notes will bear interest at a rate of 5.625% per year payable semi-annually on March 1 and September 1 of each year, commencing September 1, 2011. The notes will mature on March 1, 2021. The notes were offered to the public at a price of 99.134% of principal amount.
Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated are acting as joint book-running managers for the notes offering. Interested parties may obtain a written prospectus for the notes offering from any of Credit Suisse Securities (USA) LLC, Prospectus Department, One Madison Avenue, New York, New York 10010, telephone at 1-800-221-1037; J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York, 10179, Attention: High Grade Syndicate Desk, 3rd Floor, telephone collect at 1-212-834-4533; or Merrill Lynch, Pierce, Fenner & Smith Incorporated, 100 West 33rd Street, New York, New York, 10001, Attention: Prospectus Department, telephone toll-free at 1-800-294-1322.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities, in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. Any offer of the securities will be made only by means of a prospectus, forming a part of the effective registration statement, the applicable prospectus supplement and other related documents.
About Wyndham Worldwide
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 7,210 franchised hotels and approximately 612,700 hotel rooms worldwide. Wyndham Exchange & Rentals offers leisure travelers, including its 3.8 million members, access to approximately 97,000 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 160 vacation ownership resorts serving nearly 815,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs approximately 26,000 employees globally.
This press release contains statements that constitute “forward–looking statements,” including with regard to Wyndham Worldwide’s offering and the anticipated use of the net proceeds therefrom. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. No assurance can be given that the securities offering discussed above will be consummated on the terms described or at all. Consummation of the offering is subject to closing conditions, many of which are beyond the control of Wyndham Worldwide. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
SOURCE Wyndham Worldwide Corporation