The two year facility bears interest based on variable commercial paper rates plus a spread or the LIBOR rate plus a spread and has capacity of $600 million. The current 364-day facility was due to expire at the end of September 2011.
“We are pleased that our conduit is now structured as a two year facility, which further strengthens our liquidity and balance sheet position,” said Tom Conforti, Chief Financial Officer, Wyndham Worldwide. “The extended term highlights the broad support enjoyed by our timeshare ABS program.”