Wednesday, hospitality company Wyndham Worldwide Corp. (WYN) announced the completion of two term securitization transactions involving the issuance of $350 million of investment-grade asset-backed notes.
"We are pleased with the execution of these transactions, which reflect the quality of the underlying vacation ownership receivables and our strong history in the asset-backed market." said Tom Conforti, chief financial officer. "We are especially encouraged that the terms of these transactions suggest a steadily improving asset-backed securities market, evidenced by significantly better pricing," Conforti said.
New Jersey-based Wyndham's indirect subsidiary Sierra Timeshare 2009-2 Receivables Funding LLC issued $175 million of AAA rated vacation ownership loan backed notes, which have an advance rate of 55% and a coupon of 4.52%.
Another subsidiary Sierra Timeshare 2009-3 Receivables Funding LLC issued $175 million of A rated vacation ownership loan backed notes, which have an advance rate of 70% and a coupon of 7.62%.
WYN closed Wednesday's regular trading at $17.47, up $1.21 or 7.44%, on a volume of 7.39 million shares on the New York Stock Exchange.
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