Wyndham Worldwide Corporation announced that it has completed a term securitisation transaction involving the issuance of USD 300 million of asset-backed notes.
Sierra Timeshare 2011-2 Receivables Funding LLC issued USD 202 million of A rated notes, USD 67 million of BBB notes and USD 31 million of bonds rated BB. The notes were backed by vacation ownership loans.
Tom Conforti, Executive Vice President and Chief Financial Officer, Wyndham Worldwide said, “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 per cent and an advance rate of 92 per cent. We continue to see strong investor support for our programme.”
Sierra Timeshare 2011-2 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.
Wyndham Worldwide encompasses approximately 7,380 franchised hotels and vacation ownership resorts with approximately 633,700 rooms worldwide. Wyndham Exchange & Rentals offers leisure travellers, including its 3.8 million members, access to approximately 97,000 vacation properties located in approximately 100 countries.
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