S&P rates Wyndham loan BBB-

S&P said it assigned BBB- issue-level and 2 recovery ratings to Wyndham Hotels & Resorts Inc.'s proposed amended and extended $750 million senior secured term loan B due in 2030.

Wyndham will use the proceeds to refinance a portion of the company's $1.6 billion term loan B, also rated BBB- with a 2 recovery rating, due in 2025, which currently has $1.14 billion outstanding. The remaining $393 million pro forma outstanding term loan B will still mature in 2025.

“The proposed term loan B has substantially the same terms as the existing loan. Recovery prospects for secured lenders are not meaningfully changed because the proposed financing is a debt-for-debt transaction. All other ratings on the company are unchanged, including the BB+ issuer credit rating and stable outlook,” S&P said in a press release.

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