S&P rates Wyndham notes BBB-

Standard & Poor's said it affirmed all ratings on Wyndham Worldwide Corp., including the BBB- corporate credit rating.

The outlook is stable.

At the same time, S&P assigned the company's proposed aggregate $750 million senior unsecured notes its BBB- issue-level rating.

Wyndham plans to use the proceeds to repurchase any and all outstanding amounts of the $250 million 5.75% senior notes due 2018 and the $250 million 7.375% senior notes due 2020 in a tender offer that commenced on Feb. 6.

Wyndham also plans to redeem all of its 9.875% senior notes due 2014, repay outstanding commercial paper and revolver balances and fund the repurchase of the company's 6% senior notes due 2016 in open market transactions.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.