Wyndham Hotels & Resorts launching $650M senior notes due 2033
Wyndham Hotels & Resorts plans a $650 million Senior Notes offering due 2033 to repay all Term Loan A and revolving credit borrowings. Guaranteed by domestic restricted subsidiaries, the notes will be offered to qualified institutional buyers under Rule 144A and to non-U.S. investors under Regulation S.
1. Offering Details
Wyndham Hotels & Resorts intends to issue $650 million aggregate principal amount of Senior Notes due 2033 in an offering exempt from Securities Act registration. The company filed to sell the notes to qualified institutional buyers and certain non-U.S. persons.
2. Use of Proceeds
Net proceeds will be used to repay all outstanding borrowings under its Term Loan A and revolving credit facility, to pay related fees and expenses and for general corporate purposes. This refinancing aims to extend debt maturities and potentially lower interest costs.
3. Guarantees and Investors
The notes will be guaranteed by certain domestic restricted subsidiaries that guarantee the company’s existing credit facilities and outstanding notes, reinforcing the credit support for these obligations. The guarantees ensure alignment with the structure of Wyndham’s current debt.
4. Offering Structure
The offering will be conducted under Rule 144A for qualified institutional buyers in the U.S. and under Regulation S for non-U.S. investors offshore. The notes and guarantees remain unregistered under the Securities Act and applicable state securities laws.