Wyndham redoing covenants, pricing expected Wednesday or Thursday

By Paul A. Harris

St. Louis, Mo., June 4 - Wyndham International, Inc.'s offering of $750 million of six-year senior secured notes (Caa1/B-) was undergoing covenant changes on Tuesday, according to syndicate sources.

"They're just redoing some of the covenants to satisfy investors," the source told Prospect News, adding that the deal is now expected to price Wednesday or Thursday.

The syndicate official also anticipates that the structure of the deal will be altered slightly.

The offering had originally been expected to price during the week of May 27 and then was scheduled for Tuesday.

JP Morgan and Bear Stearns & Co. are joint bookrunners. Credit Lyonnais, Fleet Securities, Credit Suisse First Boston, Deutsche Bank Securities Inc., Banc of America Securities, Scotia Capital and SG Cowen are the co-managers.

As announced, Wyndham's Rule 144A notes were non-callable for three years, although the official specified that the call structure was possibly under review.

Official price talk of 10¾% area was confirmed on Friday by a syndicate source.

The issuer is a Dallas-based upscale lodging company.

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