Wyndham International, Inc. (NYSE:WYN) today announced that it has reached an agreement with its lenders to amend its senior credit facilities. The amendment is a finalization of a process that began in September 2001, which initially allowed a waiver of certain covenants for the third and fourth quarters of 2001.
Under the terms of the amendment, Wyndham`s lenders have agreed to amend the facilities for the remaining term of the loans. The total debt covered by the facility as of Dec. 31, 2001 includes $1,284MM in Term B loans maturing in June 2006, $482MM in increasing rate loans, IRL, and a revolver with capacity of $500MM both maturing in June 2004. The terms of the amendment also include mortgage collateral for certain properties that were previously unencumbered. Additional details of the amendment will be released in a report on Form 8-K.
“We are very pleased with the support of our banking syndicate in approving the amendment well in advance of the waiver expiration date,” stated Fred J. Kleisner, chairman and chief executive officer of Wyndham International. “The amendment provides Wyndham with a permanent solution for the duration of the facilities, enabling us to stay focused on our strategic plan.”
Wyndham International continues to generate positive cash flow from its hotel operations. Further details will be discussed during the Fourth Quarter 2001 earnings call scheduled on Feb. 5, 2002 at 10 a.m. CST. To listen to the call live, go to www.wyndham.com and access Webcast on the home page.
Wyndham International, Inc. offers upscale and luxury hotel and resort accommodations through proprietary lodging brands and a management services division. Based in Dallas, Wyndham International owns, leases, manages and franchises hotels and resorts in the United States, Canada, Mexico, the Caribbean and Europe. For more information, visit www.wyndham.com. For reservations, call 800-WYNDHAM.