Wyndham Worldwide enters into $400 million one-year revolver via BofA

By Tali Rackner

Minneapolis, Nov. 21 – Wyndham Worldwide Corp. entered into a $400 million revolving credit agreement on Tuesday with Bank of America, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The facility matures on Nov. 20, 2018.

The agreement is in addition to the company’s existing $1.5 billion credit facility and $325 million term loan credit facility, and includes an accordion option.

Interest under the revolver is equal to Libor plus 92.5 basis points to 152.5 bps, depending on credit ratings. The facility fee ranges from 7.5 bps to 22.5 bps.

The credit agreement contains certain financial covenants that require Wyndham to maintain a minimum consolidated interest coverage ratio of 2.5 times and a maximum consolidated leverage ratio of 4.25 times, provided that the consolidated leverage ratio may be increased for a limited period to 5 times in connection with a material acquisition.

JPMorgan Chase Bank, NA acted as syndication agent.

The hospitality and lodging company is based in Bethesda, Md.

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