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Wyndham Hotels to redeem $500 million of 5 3/8% notes due 2026
By Taylor Fox
New York, March 31 – Wyndham Hotels & Resorts, Inc. plans to redeem all $500 million of its outstanding 5 3/8% senior notes due April 15, 2026 on April 15, according to an 8-K filing with the Securities and Exchange Commission.
The notes will be redeemed at a price of 102.688 plus interest.
Wyndham expects the redemption to reduce its annual cash interest expense by $27 million. Coupled with the issuance of 4 3/8% senior notes in August 2020, this redemption returns the company to pre-pandemic debt levels while extending $500 million of maturity by 2.5 years at a 100 basis point lower interest rate.
Wyndham Hotels is a Parsippany-Troy Hills, N.J.-based international hotel and resort chain.
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