Wyndham Hotels & Resorts Successfully Reprices $1.1B Loan, Upsizes to $1.5B

 Wyndham Hotels & Resorts, announced the successful repricing of its $1.1 billion Senior Secured Term Loan B Facility, now combined with a $400 million upsize, due May 2030. The new interest rate is SOFR plus 1.75%, representing a 60 basis point reduction and an issue price of 99.875%, the tightest in the SOFR era. This repricing is expected to save approximately $6 million in annual interest expenses, with no changes to the company’s maturities or covenants.

“The opportunity to reprice this loan with a meaningful spread reduction and upsize by $400 million would not have been possible without the outstanding performance of our business over the past year,” said Michele Allen, Chief Financial Officer and Head of Strategy. “We are extremely pleased with the elevated market demand, which underscores strong investor confidence in our asset-light, highly cash-generative franchise business model and enabled us to secure best-in-class pricing, further fortifying our financial flexibility.”

Wyndham will use the net proceeds for general corporate purposes, including repaying balances on its revolving credit facility.

Wells Fargo Securities, LLC was the lead arranger. Joint bookrunners included Deutsche Bank Securities Inc., JPMorgan Chase Bank, N.A., BofA Securities, Inc., Barclays Bank PLC, Bank National Association, Bank of Nova Scotia, and Truist Securities, Inc.

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