PARSIPPANY, N.J. (Sept. 16, 2015) — Wyndham Worldwide Corporation (NYSE: WYN) (the “Company”) has announced the pricing of the public offering of $350 million aggregate principal amount of its senior unsecured notes due 2025 (the “notes”). The notes offering is expected to close on September 15, 2015. The closing of the notes offering is subject to customary and market conditions. The Company intends to use the net proceeds of this offering for the repayment, redemption, repurchase, defeasance or other retirement of certain outstanding indebtedness, including commercial paper and debt outstanding under its revolving credit facility, and for general corporate purposes.
The notes will bear interest at the rate of 5.100% per year. The interest rate payable on the notes will be subject to adjustments from time to time if there are downgrades to the credit ratings assigned to the notes. Interest will be payable semi-annually on April 1 and October 1 of each year, commencing April 1, 2016. The notes will mature on October 1, 2025. The notes were offered to the public at a price of 99.966% of the principal amount.
J.P. Morgan Securities LLC, Goldman, Sachs & Co. and Merrill Lynch, Pierce Fenner & Smith Incorporated are acting as the joint book-running managers for the notes offering. Interested parties may obtain a written prospectus for the notes offering from any of J.P. Morgan Securities LLC, 383 Madison Avenue, New York, NY 10179, Attention: Investment Grade Syndicate Desk, telephone: 212-834-4533; Goldman, Sachs & Co., 200 West Street, New York, NY 10282, Attention: Prospectus Department, telephone: 212-902-1171, facsimile: 212-902-9316, e-mail: [email protected]; and Merrill Lynch, Pierce Fenner & Smith Incorporated, 222 Broadway, 7th Floor, New York, NY 10038, Attention: Prospectus Department, email: [email protected]
This news release shall not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities. 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 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 has many of the world’s best-known hotel brands, with approximately 7,700 franchised hotels and over 668,500 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 approximately 110,000 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 210 vacation ownership resorts serving approximately 901,000 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.
This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Factors that could cause actual results to differ materially from those in the forward-looking statements include general economic conditions, the performance of the financial and credit markets, the economic environment for the hospitality industry, the impact of war, terrorist activity or political strife, operating risks associated with the hotel, vacation exchange and rentals and vacation ownership businesses, as well as those described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014, filed with the SEC on February 13, 2015. Except for the Company’s ongoing obligations to disclose material information under the federal securities laws, it undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.
SOURCE Wyndham Worldwide Corporation