UPDATE: Wyndham Worldwide Announces $500M Debt Tender Offers and Debt Offering

Wyndham Worldwide Corporation

announced today it will seek to enhance the maturity profile of its debt through the combination of tender offers for three series of outstanding notes and a concurrent public offering of senior unsecured debt securities. The Company has commenced tender offers to purchase for cash: Any and all of its 9.875% Senior Notes due 2014 (the "2014 Notes") (the "Any and All Tender Offer"); and First, an aggregate principal amount up to the Maximum Tender Amount (as defined below) of its outstanding 6.00% Senior Notes due 2016 (the "2016 Notes"); and second, if the Maximum Tender Amount has not been reached, an aggregate principal amount up to the Maximum Tender Amount of its 7.375% Senior Notes due 2020 (the "2020 Notes") (the "Maximum Tender Offer" and together with the Any and All Tender Offer, the "Tender Offers"). The Maximum Tender Amount is $500 million less the aggregate principal amount of 2014 Notes accepted for purchase pursuant to the Any and All Tender Offer. The Tender Offers are being made upon and are subject to the terms and conditions set forth in the Offer to Purchase for Cash dated February 27, 2012 (the "Offer to Purchase") and the related Letter of Transmittal.