Wyndham Worldwide completes $300 million term securitization
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Wyndham Worldwide completes $300 million term securitization
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Catégorie : Monde - Économie du secteur
- Chiffres et études
Ceci est un communiqué de presse sélectionné par notre comité éditorial et mis en ligne gratuitement le 22-10-2010
Wyndham Worldwide Corporation (NYSE:WYN) today announced that it has completed a term securitization transaction involving the issuance of $300 million of investment-grade asset-backed notes. Sierra Timeshare 2010-3 Receivables Funding LLC issued $250 million of A rated and $50 million of BBB rated vacation ownership loan backed notes with coupons of 3.51% and 4.44%, respectively. The advance rate for this transaction was 88%.
"Continued strong demand in the asset-backed securities market and the low interest rate environment gave us the opportunity to achieve a higher advance rate and lower interest costs compared with recent transactions," said Tom Conforti, executive vice president and chief financial officer, Wyndham Worldwide. "This transaction shows continued support of our Vacation Ownership business and its receivables portfolio."
Sierra Timeshare 2010-3 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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