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Wyndham Worldwide Corporation : Wyndham Worldwide Prices $800 Million of Senior Unsecured Notes

02/27/2012 | 06:20pm US/Eastern

PARSIPPANY, N.J., Feb. 27, 2012 /PRNewswire/ -- Wyndham Worldwide Corporation (NYSE: WYN) today announced the pricing of the public offering of $300 million aggregate principal amount of its senior unsecured notes due March 1, 2017 (the "2017 notes") and $500 million aggregate principal amount of its senior unsecured notes due March 1, 2022 (the "2022 notes"). The senior unsecured notes offering is expected to close on March 7, 2012. Wyndham Worldwide intends to use the aggregate net proceeds from the offering to repurchase outstanding notes in a tender offer the company is conducting simultaneously with this offering, to repay borrowings under its revolving credit facility, and increase debt for general corporate purposes.

The senior unsecured notes due 2017 will bear interest at the rate of 2.95% per year and the senior unsecured notes due 2022 will bear interest at the rate of 4.25% per year. Interest will be payable semi-annually on March 1 and September 1 of each year, commencing September 1, 2012. The 2017 notes will mature on March 1, 2017 and the 2022 notes will mature on March 1, 2022. The 2017 notes were offered to the public at a price of 99.789% of the principal amount and the 2022 notes were offered to the public at a price of 99.807% of the principal amount.

J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., RBS Securities Inc. and Credit Suisse Securities (USA) LLC are acting as joint book-running managers for the notes offering. Interested parties may obtain a written prospectus for the notes offering from any of J.P. Morgan Securities LLC, 383 Madison Avenue, New York, NY 10179, telephone at 1-212-834-4533; Deutsche Bank Securities Inc., 100 Plaza One, Jersey City, New Jersey 07311, telephone at 1-800-503-4611; Goldman, Sachs & Co., 200 West Street, New York, NY, 10282, telephone at 1-866-471-2526; RBS Securities Inc., 600 Washington Blvd, Stamford, CT 06901, Attention: Debt Capital Markets Syndicate, telephone at 1-866-884-2071; or Credit Suisse Securities (USA) LLC, Prospectus Department, One Madison Avenue, New York, New York 10010, telephone at 1-800-221-1037.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities, in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. Any offer of the securities will be made only by means of a prospectus, forming a part of the effective registration statement, the applicable prospectus supplement and other related documents.

About Wyndham Worldwide Corporation

As one of the world's largest hospitality companies, Wyndham Worldwide offers individual consumers and business-to-business customers a broad suite of hospitality products and services across various accommodation alternatives and price ranges through its premier portfolio of world-renowned brands. Wyndham Hotel Group encompasses 7,205 hotels with approximately 613,100 rooms worldwide. Wyndham Exchange & Rentals offers leisure travelers, including its 3.7 million members, access to approximately 100,000 vacation properties located in approximately 100 countries. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its network of over 160 vacation ownership resorts serving over 813,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs approximately 27,800 employees globally.

Forward-Looking Statements

This press release includes "forward-looking" statements, as that term is defined by the Securities and Exchange Commission in its rules, regulations and releases. Forward-looking statements are any statements other than statements of historical fact, including statements regarding the Company's expectations, beliefs, hopes, intentions or strategies regarding the future. In some cases, forward-looking statements can be identified by the use of words such as "intends," "projects," "may increase," "may fluctuate," "expects," "believes," "plans," "anticipates," "estimates," and similar expressions or future or conditional verbs such as "should," "would," "may," and "could." Such statements are generally forward looking in nature and not historical facts. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those discussed in, or implied by, the forward-looking statements. Factors that might cause such a difference include, but are not limited to, general economic conditions, the Company's financial and business prospects, the Company's capital requirements, the Company's financing prospects, the Company's relationships with associates and those disclosed as risks in the section entitled "Risk Factors" in the Company's Report on Form 10-K for the year ended December 31, 2011. The Company cautions readers that any such statements are based on currently available operational, financial and competitive information, and they should not place undue reliance on these forward-looking statements, which reflect management's opinion only as of the date on which they were made. Except as required by law, the Company disclaims any obligation to review or update these forward-looking statements to reflect events or circumstances as they occur.

SOURCE Wyndham Worldwide Corporation

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