Wyndham Worldwide Announces New Credit Facility
PARSIPPANY, N.J., May 22, 2013 /PRNewswire/ -- Wyndham Worldwide Corporation (NYSE: WYN) announced today the closing of a new $1.5 billion revolving credit facility to replace its existing $1 billion facility, which had been scheduled to mature in July 2016. The maturity date of the new facility is July 2018. Simultaneously, the company upsized its existing commercial paper program by $250 million to $750 million. There is no change to the company's overall corporate debt balance as a result of this transaction.
"This financing is another example of our strong record of capital markets execution. The transaction extends the credit facility to a five year maturity and strengthens our liquidity profile through favorable pricing terms," said Tom Conforti, chief financial officer of Wyndham Worldwide Corporation. "We are pleased with the support from our relationship banks, which reinforces the banking community's continued confidence in Wyndham Worldwide."
J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as Joint Bookrunners for the new revolving credit facility. Bank of America, N.A. will be acting as administrative agent for the new revolving credit facility.
About Wyndham Worldwide Corporation
One of the world's largest hospitality companies, Wyndham Worldwide provides a wide range of hospitality products and services through its global portfolio of world-renowned brands. The world's largest hotel company based on the number of properties, Wyndham Hotel Group is home to many of the world's best-known hotel brands, with approximately 7,380 franchised hotels and over 631,800 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 over 106,000 vacation properties in 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 190 vacation ownership resorts serving approximately 915,000 owners throughout the United States, Canada, Mexico, the Caribbean, and the South Pacific. Based in Parsippany, NJ, Wyndham Worldwide employs approximately 32,500 associates globally. For more information, please visit www.wyndhamworldwide.com.
SOURCE Wyndham Worldwide Corporation