Wyndham Worldwide Completes $350 Million Term Securitization
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Wyndham Worldwide Completes $350 Million Term Securitization
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Category: Worldwide - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2010-07-27
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.
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