Wyndham to draw remaining $735 million available under revolver

By Rebecca Melvin

New York, March 17 – Wyndham Hotels & Resorts Inc. has provided notice to its lenders to borrow the remaining $735 million available under its $750 million revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission.

Additionally, the company said it has temporarily suspended its share repurchase activities.

The actions are being taken as precautionary measures to preserve financial flexibility in view of uncertainty resulting from the coronavirus pandemic, the company said.

As previously disclosed May 30, 2018, the company entered into a credit agreement that provides for senior secured credit facilities in an aggregate principal amount of $2.35 billion. That amount consists of a $1.6 billion term loan maturing May 2025 and a $750 million revolving credit facility maturing May 2023.

Wyndham Hotels is a Parsippany, N.J.-based hotel franchisor.

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