PARSIPPANY, N.J., March 21, 2013 /PRNewswire/ -- Wyndham Worldwide Corporation (NYSE: WYN) today announced that it has completed a term securitization transaction involving the issuance of $300 million of asset-backed notes. Sierra Timeshare 2013-1 Receivables Funding LLC issued $231 million of A rated notes and $69 million of BBB rated notes. The notes were backed by vacation ownership loans and had coupons of 1.59% and 2.39%, respectively, for an overall weighted average coupon of 1.77%. The advance rate for this transaction was 91%.
Sierra Timeshare 2013-1 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
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 over 7,340 franchised hotels and 627,400 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 103,000 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 about Wyndham Worldwide, please visit the Company's website at www.wyndhamworldwide.com.
SOURCE Wyndham Worldwide Corporation