By Paul A. Harris
Portland, Ore., Dec. 10 – Wyndham Destinations Inc. priced an upsized $350 million issue of 10.25-year senior secured bullet notes (Ba2/BB-) at par to yield 4 5/8% on Tuesday, according to market sources.
The issue size increased from $300 million.
The yield printed in the middle of the 4½% to 4¾% yield talk. Early guidance was in the 4¾% area.
J.P. Morgan Securities LLC, Barclays, BofA Securities Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and Wells Fargo Securities LLC were the joint bookrunners.
Proceeds will be used for general corporate purposes, which may include repayment of debt under its secured revolving credit facility.
Wyndham Destinations is an Orlando, Fla.-based timeshare company.
| Issuer: | Wyndham Destinations Inc.
|
| Amount: | $350 million, increased from $300 million
|
| Maturity: | March 1, 2030
|
| Securities: | Senior secured notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Barclays, BofA Securities Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and Wells Fargo Securities LLC
|
| Coupon: | 4 5/8%
|
| Price: | Par
|
| Yield: | 4 5/8%
|
| Spread: | 278 bps
|
| Call protection: | Non-callable
|
| Trade date: | Dec. 10
|
| Settlement date: | Dec. 13
|
| Ratings: | Moody's: Ba2
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 4½% to 4¾%
|
| Marketing: | Roadshow
|
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