Wyndham Worldwide Completes $300 Million Term Securitization
Wyndham Worldwide Corporation (NYSE: WYN) today announced that it has completed a term securitization transaction involving the issuance of $300 million of asset-backed notes. Sierra Timeshare 2011-2 Receivables Funding LLC issued $202 million of A rated notes, $67 million of BBB notes and $31 million of bonds rated BB. The notes were backed by vacation ownership loans.
"The terms of this financing are among the best terms for an ABS deal by Wyndham Worldwide with a weighted average coupon of 4.01% and an advance rate of 92%," said Tom Conforti, executive vice president and chief financial officer, Wyndham Worldwide. "We continue to see strong investor support for our program."
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