Wyndham Worldwide completes $300 million term securitization

Wyndham Worldwide completes $300 million term securitization

Wyndham Worldwide Corporation today announced that it has completed a term securitization transaction involving the issuance of $300 million of asset-backed notes.

Sierra Timeshare 2012-2 Receivables Funding LLC issued $220 million of A rated notes and $80 million of BBB rated notes.  The notes were backed by vacation ownership loans and had coupons of 2.38% and 3.42%, respectively, for an overall weighted average coupon of 2.66%. The advance rate for this transaction was 90.0%.

Sierra Timeshare 2012-2 Receivables Funding LLC is an indirect subsidiary of Wyndham Vacation Ownership. 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.