Wyndham downsized by $250 million to $500 million, restructured, pricing Thursday

By Paul A. Harris

St. Louis, Mo., June 5 - Following word from the syndicate on Tuesday that the Wyndham International, Inc. six-year senior secured bond deal (Caa1/B-) was having its covenants redone, a downsized and restructured deal surfaced on Wednesday, according to a syndicate source.

The deal was downsized to $500 million from $750 million, the source informed Prospect News, adding that price talk has widened to 11% from the 10¾% area. Also the non-call interval was lengthened to four years from three years.

The deal is expected to price midday Thursday.

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 co-managers.

Proceeds from the Rule 144A notes will be used to repay the Dallas-based upscale hotelier's bank debt.

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