Wyndham Worldwide Completes $400 Million Term Securitization

Mar 28, 2011, 08:30 ET from Wyndham Worldwide Corporation

PARSIPPANY, N.J., March 28, 2011 /PRNewswire/ -- Wyndham Worldwide Corporation (NYSE: WYN) today announced that it has completed a term securitization transaction involving the issuance of $400 million of investment-grade asset-backed notes. Sierra Timeshare 2011-1 Receivables Funding LLC issued $296 million of A rated notes, $80 million of BBB- notes and $24 million of bonds rated BB. The notes were backed by vacation ownership loans and had coupons of 3.35%, 4.23% and 6.19%, respectively, for an overall weighted average coupon of 3.70%. The advance rate for this transaction was 98%.

"We continue to see enthusiastic investor support for our ABS offerings, evidenced by the highest advance rate in our history and very attractive interest rates," said Tom Conforti, executive vice president and chief financial officer, Wyndham Worldwide. "This transaction builds on the continued strong performance of our Vacation Ownership business and its receivables portfolio."

Sierra Timeshare 2011-1 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

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 7,210 franchised hotels and approximately 612,700 hotel 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 over 160 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



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