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Wyndham completes $300M securitization, declares dividend


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    Parsippany-based Wyndham Worldwide Corp. announced Thursday it has completed a $300 million term securitization its board has declared a cash dividend.

    According to the announcement, company has completed a term securitization transaction involving the issuance of $300 million of asset-backed notes. Sierra Timeshare 2013-3 Receivables Funding LLC issued $231 million of A rated notes and $69 million of BBB rated notes. Sierra Timeshare 2013-3 Receivables Funding LLC is an indirect subsidiary of Wyndham Vacation Ownership.

    The company also issued a dividend of 29 cents per share on its common stock, payable December 6, 2013 to shareholders of record as of November 21, 2013, it said in a statement.

    Earlier this year, Wyndham closed a $1.5 billion credit facility.

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