Published on 3/16/2017 in the Prospect News Investment Grade Daily.
New Issue: Wyndham Worldwide prices $700 million of notes due 2024, 2027
By Cristal Cody
Tupelo, Miss., March 16 – Wyndham Worldwide Corp. sold $700 million of senior notes (Baa3/BBB-/BBB-) in two parts on Thursday, adding a seven-year tranche to the earlier announced 10-year offering, according to an FWP filing with the Securities and Exchange Commission.
The company placed $300 million of 4.15% notes due April 1, 2024 at 99.818 to yield 4.18%. The seven-year notes priced at a spread of 185 basis points over Treasuries.
Wyndham sold $400 million of 4.5% notes due April 1, 2027 at 99.775 to yield 4.28%, or Treasuries plus 200 bps.
The bookrunners were J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Wells Fargo Securities LLC, Goldman Sachs & Co. and BofA Merrill Lynch.
Proceeds will be used for general corporate purposes.
The hospitality and lodging company is based in Bethesda, Md.
| Issuer: | Wyndham Worldwide Corp.
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| Amount: | $700 million
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| Description: | Senior notes
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| Bookrunners: | J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Wells Fargo Securities LLC, Goldman Sachs & Co. and BofA Merrill Lynch
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| Senior co-managers: | MUFG and SunTrust Robinson Humphrey, Inc.
|
| Co-managers: | Academy Securities, Inc., BB&T Capital Markets, BBVA Securities Inc., Credit Suisse Securities (USA) LLC, Scotia Capital (USA) Inc. and U.S. Bancorp Investments, Inc.
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| Trade date: | March 16
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| Settlement date: | March 21
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| Ratings: | Moody’s: Baa3
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| S&P: BBB-
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| Fitch: BBB-
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| Distribution: | SEC registered
|
|
|
| Seven-year notes
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| Amount: | $300 million
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| Maturity: | April 1, 2024
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| Coupon: | 4.15%
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| Price: | 99.818
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| Yield: | 4.18%
|
| Spread: | Treasuries plus 185 bps
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| Call features: | Make-whole call before Feb. 1, 2024 at Treasuries plus 30 bps; thereafter at par
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|
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| Ten-year notes
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| Amount: | $400 million
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| Maturity: | April 1, 2027
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| Coupon: | 4.5%
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| Price: | 99.775
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| Yield: | 4.528%
|
| Spread: | Treasuries plus 200 bps
|
| Call features: | Make-whole call before Jan. 1, 2027 at Treasuries plus 30 bps; thereafter at par
|
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