Wyndham Completes Vacation Ownership Receivables Securitization
MAY 24, 2007. Wyndham Worldwide Corporation (NYSE:WYN) today announced that it has completed a term securitization transaction involving the issuance of $600 million of insured investment grade notes by Sierra Timeshare 2007-1 Receivables Funding, LLC, an indirect subsidiary of Wyndham Vacation Ownership. The notes are backed by vacation ownership receivables originated by subsidiaries of Wyndham Vacation Ownership.
Wyndham Worldwide expects to use the net proceeds of the transaction to repay outstanding financing obligations under its securitization program, for transaction costs and for general corporate purposes. The transaction is structured as an on-balance sheet financing. The lead managers on the transaction were RBS Greenwich Capital and Credit Suisse.
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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