Wyndham Worldwide Completes $350 Million Term Securitizations
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Wyndham Worldwide Completes $350 Million Term Securitizations
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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 08-10-2009
Wyndham Worldwide Corporation (NYSE:WYN) today announced that it has completed two term securitization transactions involving the issuance of $350 million of investment-grade asset-backed notes:
-- Sierra Timeshare 2009-2 Receivables Funding LLC issued $175 million of AAA rated vacation ownership loan backed notes, which have an advance rate of 55% and a coupon of 4.52%.
-- Sierra Timeshare 2009-3 Receivables Funding LLC issued $175 million of A rated vacation ownership loan backed notes, which have an advance rate of 70% and a coupon of 7.62%.
"We are pleased with the execution of these transactions, which reflect the quality of the underlying vacation ownership receivables and our strong history in the asset-backed market." said Tom Conforti, chief financial officer, Wyndham Worldwide. "We are especially encouraged that the terms of these transactions suggest a steadily improving asset-backed securities market, evidenced by significantly better pricing."
Sierra Timeshare 2009-2 Receivables Funding LLC and Sierra Timeshare 2009-3 Receivables Funding LLC, are indirect subsidiaries of Wyndham Vacation Ownership. The transactions were 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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