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This excerpt taken from the WYN 10-Q filed May 8, 2008. Securitized
Vacation Ownership Term Notes
On May 1, 2008, the Company closed an additional series of
term notes payable, Sierra Timeshare
2008-1
Receivables Funding, LLC, in the initial principal amount of
$200 million. These borrowings bear interest at a weighted
average rate of 8% and are secured by vacation ownership
contract receivables. The proceeds from these notes were used
primarily to reduce the balance outstanding under the bank
conduit facility.
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This excerpt taken from the WYN 10-Q filed Nov 8, 2007. Securitized
Vacation Ownership Term Notes
On November 1, 2007, the Company closed an additional
series of term notes payable, Sierra Timeshare
2007-2
Receivables Funding, LLC, in the initial principal amount of
$455 million, secured by vacation ownership contract
receivables. The initial principal amount includes
$80 million at an interest rate of 5.37% and
$375 million at an interest rate of
one-month
LIBOR plus 100 basis points. The payment of principal and
interest on these notes is insured under the terms of a
financial guaranty insurance policy. The proceeds from these
notes were used primarily to reduce the balance outstanding
under the bank conduit facility.
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