PARSIPPANY, NJ (June 29, 2011) — Wyndham Worldwide Corporation (NYSE: WYN) has announced that its securitized timeshare receivables conduit facility was renewed through June 2013. The two year facility bears interest based on variable commercial paper rates plus a spread or the LIBOR rate plus a spread and has capacity of $600 million. The current 364-day facility was due to expire at the end of September 2011.
“We are pleased that our conduit is now structured as a two year facility, which further strengthens our liquidity and balance sheet position,” said Tom Conforti, Chief Financial Officer, Wyndham Worldwide. “The extended term highlights the broad support enjoyed by our timeshare ABS program.”
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 services and products across various accommodation alternatives and price ranges through its premier portfolio of world-renowned brands. Wyndham Worldwide encompasses approximately 7,360 franchised hotels and vacation ownership resorts with approximately 630,300 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 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.
For more information about Wyndham Worldwide, please visit the Company’s website at http://www.wyndhamworldwide.com
SOURCE: Wyndham Worldwide Corporation