Wyndham Worldwide Completes $400M Term Securitization

Wyndham Worldwide Corporation WYN today announced that it has completed a term securitization transaction involving the issuance of $400 million of investment-grade asset-backed notes. Sierra Timeshare 2011-1 Receivables Funding LLC issued $296 million of A rated notes, $80 million of BBB- notes and $24 million of bonds rated BB. The notes were backed by vacation ownership loans and had coupons of 3.35%, 4.23% and 6.19%, respectively, for an overall weighted average coupon of 3.70%. The advance rate for this transaction was 98%.