WYNDHAM worldwide completes $450 million vacation ownership receivables securitization
PARSIPPANY, N.J.- Wyndham Worldwide Corporation (NYSE:WYN) today announced that it has completed a term securitization transaction involving the issuance of $450 million of investment grade asset-backed notes by Sierra Timeshare 2008-2 Receivables Funding, LLC, an indirect subsidiary of Wyndham Vacation Ownership. The notes are backed by vacation ownership receivables originated by subsidiaries of Wyndham Vacation Ownership. The 2008-2 transaction has a cost of funds, excluding transaction fees, of 7.15%.
The notes have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
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