Wyndham Worldwide Completes $300 Million Term Securitization
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Wyndham Worldwide Completes $300 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 2010-03-22
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 2010-1 Receivables Funding LLC issued $300 million of A rated vacation ownership loan backed notes, which have an advance rate of 72.25% and a coupon of 4.48%.
“This transaction reflects a significant improvement in the asset-backed securities market over the past year.” said Tom Conforti, chief financial officer, Wyndham Worldwide. “We are pleased with the execution of this transaction, which demonstrates our experience and expertise in the asset-backed securities market."
Sierra Timeshare 2010-1 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.
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