Wyndham Worldwide prepares notes in five-, 10-year tranches for Tuesday pricing

By Andrea Heisinger

New York, Feb. 19 - Wyndham Worldwide Corp. is set to price notes (Baa3/BBB-/BBB-) in two tranches in Tuesday's session, according to a 424B5 filing with the Securities and Exchange Commission.

The offering includes five-year and 10-year notes.

There is a make-whole call on the five-year tranche until one month prior to maturity and then a par call afterward. The 10-year notes have a make-whole redemption until three months before maturity and a par call afterward.

There is a change-of-control put at 101%.

Bookrunners are J.P. Morgan Securities LLC, BofA Merrill Lynch and Deutsche Bank Securities Inc. Additionally, the five-year note has RBS Securities Inc. as a bookrunner, and the 10-year note has Credit Suisse Securities (USA) LLC.

Proceeds will be used to repurchase any and all $250 million of 5.75% notes due 2018 and $250 million of outstanding 7.375% notes due 2020 in a tender offer that began on Feb. 6; the planned call of 9.875% senior notes due 2014; the repayment, redemption, repurchase, defeasance, or retirement of other debt including commercial paper and other outstanding debt.

Wyndham was last in the U.S. bond market with a $150 million reopening of 4.25% notes due 2022 on March 12, 2012.

The hospitality and lodging company is based in Bethesda, Md.

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