Wyndham Destinations completes $300 Million term securitization
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
SOURCE Wyndham Destinations
![](https://rt.prnewswire.com/rt.gif?NewsItemId=FL13804&Transmission_Id=201910231630PR_NEWS_USPR_____FL13804&DateId=20191023)
Share this article