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Wyndham Worldwide enters into $1.5 billion credit agreement via BofA
By Toni Weeks
San Luis Obispo, Calif., April 6 – Wyndham Worldwide Corp. entered into a $1.5 billion credit agreement on March 26 with Bank of America, NA as administrative agent, replacing its existing $1.5 billion credit facility, according to an 8-K filing with the Securities and Exchange Commission.
JPMorgan Chase Bank, NA is the syndication agent. Bank of Nova Scotia, Deutsche Bank AG, New York Branch, Royal Bank of Scotland plc, Credit Suisse AG, Cayman Islands Branch, Compass Bank, U.S. Bank NA, SunTrust Bank, Wells Fargo Bank, NA, Barclays Bank plc, Goldman Sachs Bank USA and Bank of Tokyo-Mitsubishi UFJ, Ltd. are the co-documentation agents.
The new agreement matures on July 15, 2020 and includes an accordion feature. Up to $100 million of the facility is available for the issuance of letters of credit.
Borrowings bear interest at Libor plus 90 basis points to 150 bps. There is also a facility fee of 10 bps to 25 bps. Both are dependent on credit ratings
Under the terms, the company must maintain a minimum consolidated interest coverage ratio of at least 2.5 times and a maximum consolidated leverage ratio of 4.25 times or less.
In connection with the credit agreement, Wyndham Worldwide also established a $150 million Australian dollar subfacility for revolving loans denominated in either U.S. dollars, which bear interest at Libor plus 90 bps to 150 bps, or Australian dollars, which bear interest at an annual rate based on BBSY. It also established a $100 million U.K. euro subfacility for revolving loans, with an interest rate of Libor plus 90 bps to 150 bps.
The hospitality company is based in Parsippany, N.J.
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