Wyndham Worldwide firms $300 million term loan at Libor plus 225 bps

By Sara Rosenberg

New York, May 24 – Wyndham Worldwide Corp. (Wyndham Destinations Inc.) set pricing on its $300 million seven-year covenant-light term loan (Ba2/BB-/BB+) at Libor plus 225 basis points, the low end of the Libor plus 225 bps to 250 bps talk, according to a market source.

As before, the term loan has a 0% Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Barclays, Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, Wells Fargo Securities LLC, SunTrust Robinson Humphrey Inc., Bank of Nova Scotia, MUFG and U.S. Bank are the lead arrangers on the deal.

Proceeds will be used to repay a portion of the company’s revolving credit facility borrowings.

Wyndham is a Parsippany, N.J.-based vacation ownership and exchange company.

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