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Wyndham Worldwide (WYN)
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WYN » Topics » Securitization Facility

This excerpt taken from the WYN 8-K filed Jul 19, 2006.

Securitization Facility

On July 11, 2006, the Company closed a series of notes payable from vacation ownership loans in the initial principal amount of $550 million. The payment of principal and interest on these notes is insured under the terms of a financial guaranty insurance policy. Approximately $500 million of the proceeds from these notes was used to reduce the principal and interest outstanding under a portion of the Company’s securitized vacation ownership debt, and the remaining proceeds will be used for general corporate purposes.

 

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