New Issue: Wyndham details $350 million sale of 5.1% notes due 2025 priced at 287.5 bps spread

By Aleesia Forni

Virginia Beach, Sept. 11 – Wyndham Worldwide Corp. detailed its $350 million issue of 5.1% 10-year senior notes priced at Treasuries plus 287.5 basis points in an FWP filed with the Securities and Exchange Commission.

The notes (Baa3/BBB-) were priced Thursday at 99.966 to yield 5.104%.

Pricing was 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., Wells Fargo Securities LLC
Senior co-managers:	MUFG, Scotia Capital (USA) Inc., U.S. Bancorp Investments, Inc.
Co-managers:	Barclays, BB&T Capital Markets, BBVA Securities Inc., SunTrust Robinson Humphrey, Inc.
Coupon:	5.1%
Price:	99.966
Yield:	5.104%
Spread:	Treasuries plus 287.5 bps
Change-of-control put:	101%
Make-whole call:	Treasuries plus 45 bps prior to July 1, 2025, then callable a par
Trade date:	Sept. 10
Settlement date:	Sept. 15
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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