Wyndham Worldwide Corporation Announces Expiration and Final Results of Tender Offer for 3.50% Convertible Notes Due 2012
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Wyndham Worldwide Corporation Announces Expiration and Final Results of Tender Offer for 3.50% Convertible Notes Due 2012
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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 2011-03-11
Wyndham Worldwide Corporation (NYSE: WYN) (the "Company") announced today the expiration and final results of its previously announced cash tender offer (the "Tender Offer") to purchase any and all of its outstanding 3.50% Convertible Notes due 2012 (the "Convertible Notes"). The Tender Offer expired at 12:00 midnight, New York City time, at the end of Wednesday, March 9, 2011 (the "Expiration Time").
As of the Expiration Time, $91,215,000 in aggregate principal amount of the Convertible Notes, representing approximately 78.8% of the aggregate principal amount outstanding of Convertible Notes, were validly tendered and not validly withdrawn. The Company has accepted for purchase all Convertible Notes that were validly tendered and not validly withdrawn.
As previously announced by the Company, the final purchase price per $1,000 principal amount of Convertible Notes was $2,541.72. The Company expects to settle the Tender Offer today (March 10, 2011) and to pay an aggregate of approximately $233 million, including accrued and unpaid interest to, but excluding, the settlement date, to purchase all of the Convertible Notes that were validly tendered and not validly withdrawn. Following the settlement of the Tender Offer, $24.6 million principal amount of Convertible Notes will remain outstanding.
Deutsche Bank Securities Inc. and Goldman, Sachs & Co. acted as the dealer managers for the Tender Offer. Global Bondholder Services Corporation acted as the depositary and as the information agent for the Tender Offer.
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.
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