PARSIPPANY, N.J., July 26 /PRNewswire-FirstCall/ -- Wyndham Worldwide Corporation (NYSE: WYN) today announced that it has completed a term securitization transaction involving the issuance of $350 million of investment-grade asset-backed notes. Sierra Timeshare 2010-2 Receivables Funding LLC issued $286 million of A rated and $64 million of BBB rated vacation ownership loan backed notes with coupons of 3.84% and 5.31% respectively. The advance rate for this transaction was 83.25%.
"This transaction reflects the continuing signs of strength in the asset-backed securities market, evidenced by higher advance rates and the ability to issue subordinated bonds at attractive financing rates," said Tom Conforti, executive vice president and chief financial officer, Wyndham Worldwide. "We are pleased with the execution of this transaction, which demonstrates continued investor interest and support of our timeshare business and strong receivables profile."
Sierra Timeshare 2010-2 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 products and services across various accommodation alternatives and price ranges through its premier portfolio of world-renowned brands. Wyndham Hotel Group encompasses approximately 7,090 franchised hotels and approximately 593,300 hotel rooms worldwide. Wyndham Exchange and Rentals offers leisure travelers, including its 3.8 million members, access to over 65,000 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 over 155 vacation ownership resorts serving over 820,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs approximately 25,000 employees globally.
For more information about Wyndham Worldwide, please visit the company's website at www.wyndhamworldwide.com.
SOURCE Wyndham Worldwide Corporation