By Aleesia Forni
Virginia Beach, Sept. 10 – Wyndham Worldwide Corp. sold $350 million of 5.1% 10-year senior notes (Baa3/BBB-) on Thursday at Treasuries plus 287.5 basis points, according to a market source.
The notes priced at the tight end of talk set in the 300 bps area over Treasuries, tight of initial guidance set in the low-300 bps area over Treasuries.
Bookrunners are J.P. Morgan Securities LLC, BofA Merrill Lynch and Goldman Sachs & Co.
Proceeds will be used to retire debt, including commercial paper and debt outstanding under a revolving credit facility, and for general corporate purposes.
The hospitality and lodging company is based in Bethesda, Md.
| Issuer: | Wyndham Worldwide Corp.
|
| Amount: | $350 million
|
| Description: | Senior notes
|
| Maturity: | Oct. 1, 2025
|
| Bookrunners: | J.P. Morgan Securities LLC, BofA Merrill Lynch, Goldman Sachs & Co.
|
| Coupon: | 5.1%
|
| Spread: | Treasuries plus 287.5 bps
|
| Change-of-control put: | 101%
|
| Trade date: | Sept. 10
|
| Ratings: | Moody’s: Baa3
|
| Standard & Poor’s: BBB-
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 300 bps area, tightened from Treasuries plus low-300 bps area
|
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