ORLANDO, Fla., July 24, 2019 /PRNewswire/ -- Wyndham
Destinations, Inc. (NYSE:WYND) announced today that it has
completed a term securitization transaction involving the issuance
of $450 million of asset-backed
notes. Sierra Timeshare 2019-2 Receivables Funding LLC issued
approximately $188 million of Class A
Notes, approximately $116 million of
Class B Notes, approximately $101
million of Class C Notes, and approximately $45 million of Class D Notes. The Class A Notes
have a coupon of 2.59%, the Class B Notes have a coupon of 2.82%,
the Class C Notes have a coupon of 3.12%, and the Class D Notes
have a coupon of 4.54% for an overall weighted average coupon of
2.96%. The advance rate for this transaction was 98%.
"Our second offering of 2019 was very well received by the
market," said Michael Hug, chief
financial officer of Wyndham Destinations. "The combination of
strong demand and a lower benchmark rate allowed us to upsize the
transaction by $50 million to
$450 million while tightening the
transaction by 61 basis points when compared to our last Sierra
transaction in March of 2019. The coupon of 2.96% was the lowest
since the Sierra 2016-3 issuance."
Sierra Timeshare 2019-2 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
(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,
exchange or rent 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 – 4,300+ affiliated resorts through RCI, the
world's leader in vacation exchange, and 9,000 rental properties
from coast to coast through Wyndham Vacation Rentals, North America's largest professionally managed
vacation rental business. Year after year, a worldwide team of
25,000 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
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SOURCE Wyndham Destinations