ORLANDO, Fla., Oct. 23, 2019 /PRNewswire/ -- Wyndham
Destinations, Inc. (NYSE:WYND) announced today that it has
completed a term securitization transaction involving the issuance
of $300 million of asset-backed
notes. Sierra Timeshare 2019-3 Receivables Funding LLC issued
approximately $126 million of Class A
Notes, approximately $81 million of
Class B Notes, approximately $66
million of Class C Notes, and approximately $27 million of Class D Notes. The Class A Notes
have a coupon of 2.34%, the Class B Notes have a coupon of 2.75%,
the Class C Notes have a coupon of 3.00%, and the Class D Notes
have a coupon of 4.18% for an overall weighted average coupon of
2.76%. The advance rate for this transaction was 98%.
"Our third offering of 2019 was well received by the market,"
said Michael Hug, chief financial
officer of Wyndham Destinations. "Continued strong investor demand
and the lower benchmark rate allowed us to price this transaction
20 basis points lower than our previous Sierra transaction in
July 2019. The 2.76% rate represents
the lowest weighted average coupon since the Sierra 2016-3
issuance."
Sierra Timeshare 2019-3 Receivables Funding LLC is an indirect
subsidiary of Wyndham Destinations. 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.
About Wyndham Destinations
Wyndham Destinations, Inc.
(NYSE:WYND) believes in putting the world on vacation. As the
world's largest vacation ownership and exchange company, Wyndham
Destinations offers everyday travelers the opportunity to own or
exchange their vacation experience while enjoying the quality,
flexibility and value that Wyndham delivers. The company's global
presence in approximately 110 countries means more vacation choices
for its four million members and owner families, with more than 220
resorts which offer a contemporary take on the timeshare model –
including vacation club brands Club Wyndham®,
WorldMark® by Wyndham, and Margaritaville Vacation
Club® by Wyndham – and 4,300+ affiliated resorts
through RCI, the world's leader in vacation exchange. Year
after year, a worldwide team of more than 23,000 associates
delivers exceptional vacation experiences to families around the
globe as they make memories to last a lifetime. At Wyndham
Destinations, our world is your destination. Learn more at
WyndhamDestinations.com. Connect with us on
Twitter: @WynDestinations; Facebook: @WyndhamDestinations;
Instagram: @WyndhamDestinations;
YouTube: @WyndhamDestinations; and LinkedIn:
@WyndhamDestinations.
Web Resources:
Wyndham Destinations
Wyndham Destinations Investor Relations
Twitter: @WynDestinations
LinkedIn: @WyndhamDestinations
View original
content:http://www.prnewswire.com/news-releases/wyndham-destinations-completes-300-million-term-securitization-300944304.html
SOURCE Wyndham Destinations