Wyndham Worldwide Updates Financial Plans
FEBRUARY 17, 2009 - Wyndham Worldwide Corporation (NYSE: WYN) announced it is withdrawing its intention to enter into an at-the-market equity sales program and will not enter into a distribution agreement or file a related prospectus supplement.
"We have reconsidered our plans for issuing up to $200 million of equity. The market reaction to our announcement was strongly negative, and we appreciate the feedback from our shareholders," said Stephen P. Holmes, Chairman and CEO of the Company. "Our intention with the plan was to further support our credit ratings and optimize our access to the debt markets in the future. There is no need to issue equity and, therefore, we will not file a prospectus supplement. We will continue to actively manage the business to maximize cash flow from operations and strengthen our financial position. We have adequate liquidity to meet the operating needs of the business."
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