By Paul A. Harris
St. Louis, May 13 - Wyndham Worldwide Corp. priced a $250 million split-rated issue of 9 7/8% five-year senior unsecured notes (Ba2/BBB-) at 95.801 to yield 11% on Wednesday, according to market sources.
The yield was printed on top of talk.
Banc of America Securities LLC, Credit Suisse, JP Morgan and Citigroup were joint bookrunners for the Securities and Exchange Commission-registered off-the-shelf deal, which was priced off the investment grade desk.
Proceeds will be used to pay down the Parsippany, N.J., hospitality company's revolver.
Wyndham is also doing a concurrent $200 million convertibles deal.
| Issuer: | Wyndham Worldwide Corp.
|
| Amount: | $250 million
|
| Maturity: | May 1, 2014
|
| Security description: | Senior notes
|
| Bookrunners: | Banc of America Securities LLC, Credit Suisse, JP Morgan
|
| Coupon: | 9 7/8%
|
| Price: | 95.801
|
| Yield: | 11%
|
| Spread: | 901.9 bps
|
| Trade date: | May 13
|
| Settlement date: | May 18
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BBB-
|
| Distribution: | Off shelf
|
| Yield talk: | 11% area
|
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