Wyndham Hotels driving by with $350 million eight-year senior notes; initial talk high 4% area

By Paul A. Harris

Portland, Ore., Aug. 10 – Wyndham Hotels & Resorts, Inc. plans to price a $350 million offering of eight-year senior notes (existing ratings Ba2/B+) in a Monday drive-by trailing a mid-morning conference call with investors, according to market sources.

Initial talk has the deal coming to yield in the high 4% area, a trader said.

Joint bookrunner Barclays will bill and deliver. BofA Securities Inc., Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, Wells Fargo Securities LLC, Truist Securities Inc., MUFG, Scotia Capital (USA) Inc., U.S. Bancorp Investments Inc., J.P. Morgan Securities LLC and PJT are also joint bookrunners.

The Rule 144A and Regulation S for life notes become callable after three years at par plus 50% of the coupon.

The Parsippany-Troy Hills, N.J.-based international hotel and resort chain plans to use the proceeds to pay down its revolving credit facility.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.