By Andrea Heisinger
New York, March 12 - Wyndham Worldwide Corp. reopened its issue of 4.25% notes due 2022 on Monday to add $150 million, an informed source said.
The notes (Baa3/BBB-/) were priced at 99.063 to yield 4.367% with a spread of Treasuries plus 235 basis points.
There is a make-whole call at Treasuries plus 35 bps until Dec. 1, 2021, with a par call after that date. The notes feature a change-of-control put option at 101.
Total issuance is $650 million including $500 million priced on Feb. 27 at 235 bps over Treasuries.
The bookrunners were J.P. Morgan Securities LLC and Bank of America Merrill Lynch.
Proceeds are being used to repurchase 6% senior notes due 2016 and 7.375% notes due 2020 in a tender offer, repay borrowings under a revolving credit facility and for general corporate purposes.
The lodging company is based in Bethesda, Md.
| Issuer: | Wyndham Worldwide Corp.
|
| Issue: | Notes, reopened
|
| Amount: | $150 million
|
| Maturity: | March 1, 2022
|
| Bookrunners: | J.P. Morgan Securities LLC, Bank of America Merrill Lynch
|
| Coupon: | 4.25%
|
| Price: | 99.063
|
| Yield: | 4.367%
|
| Spread: | Treasuries plus 235 bps
|
| Call: | Make-whole at Treasuries plus 35 bps until Dec. 1, 2021, par call after
|
| Change-of-control put: | 101
|
| Trade date: | March 12
|
| Settlement date: | March 15
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Total issuance: | $650 million including $500 million sold Feb. 27 at Treasuries plus 235 bps
|
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