Wyndham Worldwide Corporation (NYSE:WYN) today announced that its securitized timeshare receivables conduit facility was renewed through September 2011. The 364-day facility bears interest based on variable commercial paper rates plus a spread or the LIBOR rate plus a spread and has capacity of $600 million.
“The conduit is a valuable source of liquidity. With terms more favorable than the last conduit renewal, this transaction demonstrates the continued commitment of our lending banks and the strength of Wyndham’s business model,”” said Tom Conforti, Chief Financial Officer, Wyndham Worldwide. [member]
About Wyndham Worldwide
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 approximately 7,160 franchised hotels and approximately 606,800 hotel rooms worldwide. Wyndham Exchange & Rentals offers leisure travelers, including its 3.8 million members, access to over 80,000 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 155 vacation ownership resorts serving over 820,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs approximately 25,000 employees globally.
For more information about Wyndham Worldwide, please visit the Company’s website at www.wyndhamworldwide.com. [/member]