PARSIPPANY, N.J. (September 1, 2011) — Wyndham Worldwide Corporation (NYSE: WYN) has announced that it has completed a term securitization transaction involving the issuance of $300 million of asset-backed notes. Sierra Timeshare 2011-2 Receivables Funding LLC issued $202 million of A rated notes, $67 million of BBB notes and $31 million of bonds rated BB. The notes were backed by vacation ownership loans.
“The terms of this financing are among the best terms for an ABS deal by Wyndham Worldwide with a weighted average coupon of 4.01% and an advance rate of 92%,” said Tom Conforti, executive vice president and chief financial officer, Wyndham Worldwide. “We continue to see strong investor support for our program.”
Sierra Timeshare 2011-2 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 services and products across various accommodation alternatives and price ranges through its premier portfolio of world-renowned brands. Wyndham Worldwide encompasses approximately 7,380 franchised hotels and vacation ownership resorts with approximately 633,700 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.
SOURCE Wyndham Worldwide Corporation