Wyndham Worldwide accepts tenders for 78.8% of 3.5% convertibles

By Jennifer Chiou

New York, March 10 - Wyndham Worldwide Corp. said it accepted tenders for $91,215,000, or 78.8%, of its $115.78 million of 3.5% convertible notes due 2012.

The company paid a purchase price of $2,541.72 per $1,000 principal amount in the any and all offer, racking up to a total purchase price of about $233 million, including accrued interest.

The final purchase price was determined using the sum of the average volume-weighted average price of the company's shares multiplied by 79.5745, the fixed share amount, plus a fixed cash amount of $50, consisting of $5 in cash as compensation for the quarterly dividend on the stock and $45 as additional tender compensation.

Wyndham said that the average VWAP over 15 days was $31.3131 at the close of business on Wednesday.

The offer ended at midnight ET on March 9.

There was no minimum tender or financing condition.

The information agent was Global Bondholder Services Corp. (866 470-3800 or call collect 212 430-3774). Deutsche Bank Securities Inc. (800 503-4611 or call collect 212 250-5600) and Goldman Sachs & Co. (800 828-3182 or call collect 212 902-5183) were the dealer managers.

Wyndham is a Parsippany, N.J.-based provider of hospitality products and services.

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