By Andrea Heisinger
New York, Feb. 22 - Wyndham Worldwide Corp. priced $250 million of split-rated 7.375% 10-year unsecured notes on Monday to yield 7.375%, an informed source said.
The issue priced at the tight end of guidance, which was in the 7.5% yield area. The sale was "multiple times oversubscribed," the source said. It was marketed at a yield.
The notes (Ba1/BBB-/) priced at 99.998 with a spread of Treasuries plus 357.2 basis points.
The notes have a make-whole call at Treasuries plus 50 bps and feature a change-of-control put of 101%.
Bank of America Merrill Lynch, Credit Suisse Securities, Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc. ran the books. Joint lead managers were RBS Securities Inc. and Scotia Capital.
Co-managers were NAB Securities and Wells Fargo Securities.
Proceeds will be used to repay debt.
The hotel and hospitality company is based in Parsippany, N.J.
| Issuer: | Wyndham Worldwide Corp.
|
| Issue: | Unsecured notes
|
| Amount: | $250 million
|
| Maturity: | March 1, 2020
|
| Bookrunners: | Bank of America Merrill Lynch, Credit Suisse Securities, Deutsche Bank Securities Inc., J.P. Morgan Securities Inc.
|
| Joint lead managers: | RBS Securities Inc., Scotia Capital
|
| Co-managers: | NAB Securities, Wells Fargo Securities
|
| Coupon: | 7.375%
|
| Price: | 99.998
|
| Yield: | 7.375%
|
| Spread: | Treasuries plus 357.2 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Change-of-control put: | 101%
|
| Trade date: | Feb. 22
|
| Settlement date: | Feb. 25
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BBB-
|
| Price talk: | 7.5% yield area
|
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