ORLANDO, Fla., July 18, 2018 /PRNewswire/ -- Wyndham
Destinations, Inc. (NYSE: WYND) announced today that it has
completed a term securitization transaction involving the issuance
of $500 million of asset-backed
notes.
Sierra Timeshare 2018-2 Receivables Funding LLC issued
approximately $230 million of Class A
Notes, approximately $156 million of
Class B Notes and approximately $114
million of Class C Notes. The Class A Notes have a coupon of
3.50%, the Class B Notes have a coupon of 3.65% and the Class C
Notes have a coupon of 3.94%, for an overall weighted average
coupon of 3.65%. The advance rate for this transaction was
88.65%.
"We are excited to return to the securitization market and
extremely pleased with the quality of this offering and the
enthusiasm of the marketplace for this transaction," said
Michael Hug, executive vice
president and chief financial officer of Wyndham Destinations.
"This is our first public transaction since March of 2017 as we
intentionally delayed any offerings until we completed the spinoff
of Wyndham Hotels & Resorts. This is the largest timeshare ABS
transaction since the financial downturn and our first post crisis
issuance of AAA bonds, which was very well received."
Sierra Timeshare 2018-2 Receivables Funding LLC is an indirect
subsidiary of Wyndham Destinations. The transaction was completed
in reliance upon Rule 144A and Regulation S as a placement of
securities not registered under the Securities Act of 1933, as
amended, or any state securities law. All of such securities having
been sold, this announcement of their sale appears as a matter of
record only.
About Wyndham Destinations
Wyndham Destinations
(NYSE: WYND) believes in putting the world on vacation. Our global
presence in 110 countries at more than 220 vacation ownership
resorts and 4,300+ affiliated exchange properties distinguishes
Wyndham Destinations as the world's largest vacation ownership
company, largest vacation exchange company, and North America's largest professionally managed
rental business. Each year our team of 25,000 associates delivers
great vacations to millions of families as they make memories of a
lifetime. Learn more at wyndhamdestinations.com. Our world is your
destination.
Web Resources:
Wyndham Destinations
Wyndham Destinations Investor Relations
Twitter: @WynDestinations
LinkedIn: @WyndhamDestinations
View original content with
multimedia:http://www.prnewswire.com/news-releases/wyndham-destinations-completes-500-million-term-securitization-300683216.html
SOURCE Wyndham Destinations