Wyndham seals new credit facility
Wyndham Worldwide Corporation has announced the closing of a new US$1 billion revolving credit facility to replace its existing US$980 million facility, which had been scheduled to mature in October 2013. The maturity date of the new facility is 15 July 2016. The company stressed that there is no change to its overall debt balance as a result of this transaction.
“This financing extends the credit facility to a five year term, which strengthens our liquidity profile further and decreases our ongoing interest expense through more favourable pricing terms,” said Tom Conforti, Chief Financial Officer of Wyndham Worldwide Corporation. “All current relationship banks participated in the financing and several new participants were added. This demonstrates the banking community’s confidence in Wyndham Worldwide.”