Wyndham International, Inc. (AMEX:WBR) announced today the successful amendment of its senior corporate credit facilities with a consortium of lenders led by J.P. Morgan Chase, as administrative agent. Pursuant to the terms of the amendments, the maturity date of Wyndham`s increasing rate loans (IRLs) and revolving credit facility, which are currently scheduled to mature on June 30, 2004, will be extended to April 1, 2006, upon satisfaction of certain conditions. As a result of the extensions, there would be no significant corporate facility maturities until 2006.
To effect the maturity extensions, Wyndham must repay certain levels of existing debt under the corporate credit facilities, among other requirements, within nine months. Excess proceeds of financings and asset sales will be applied to meet the target repayments. Over 95 percent of the IRLs and revolving credit facility lenders voted in favor of the amendment, and the loans held by the non-consenting lenders will retain the original maturity date.
“This amendment is a significant achievement for our company,” stated Fred J. Kleisner, Wyndham`s chairman and chief executive officer. “This, coupled with our continued focus on operational initiatives, positions us to take full advantage of the economic recovery when it occurs. We especially appreciate the vote of confidence from our lenders whose support is instrumental to our success.”
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.
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