Wyndham Worldwide Corporation’s Board of Directors has authorized a stock repurchase program that enables the Company to purchase up to $400 million of its common stock, subject to receipt of the proceeds it expects to receive from Cendant Corporation upon closing of the sale of Cendant’s Travelport business. The amount and timing of specific repurchases is subject to market conditions, applicable legal requirements and other factors. Repurchases may be conducted in the open market or in privately negotiated transactions.
“As a newly listed company, we have determined that a stock repurchase program is an effective way to both enhance shareholder value and demonstrate our confidence in the long-term value of Wyndham Worldwide,” said Stephen P. Holmes, Wyndham Worldwide chairman and chief executive officer.
As previously disclosed, Wyndham Worldwide expects to use the proceeds from the Travelport sale to pay down the Company’s outstanding debt. The Company expects to obtain the funds necessary to conduct its repurchase program through a combination of cash on hand and existing bank facilities. As of August 1, 2006, Wyndham Worldwide had approximately 200.4 million shares outstanding.