PARSIPPANY, N.J., March 23, 2016 /PRNewswire/ -- Wyndham Worldwide Corporation (NYSE: WYN) announced today that it has completed a term securitization transaction involving the issuance of $425 million of asset-backed notes. Sierra Timeshare 2016-1 Receivables Funding LLC issued $335 million of A rated notes and $90 million of BBB rated notes. The notes were backed by vacation ownership loans and had coupons of 3.08% and 3.67%, respectively, for an overall weighted average coupon of 3.20%. The advance rate for this transaction was 88.85%.
Sierra Timeshare 2016-1 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 (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 is home to many of the world's best-known hotel brands, with over 7,800 franchised hotels and 678,000 hotel rooms worldwide. Wyndham Destination Network is the world's largest provider of professionally managed, unique vacation accommodations with more than 112,000 vacation properties in over 100 countries, sending more than 13 million people annually to their desired destinations through its trusted, diverse network of 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 897,000 owners throughout the United States, Canada, Mexico, the Caribbean, and the South Pacific. Based in Parsippany, NJ, Wyndham Worldwide employs approximately 38,000 associates globally. For more information, please visit www.wyndhamworldwide.com.
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SOURCE Wyndham Worldwide Corporation