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Wyndham Motels & Resorts declares Profitable Completion of Refinancing Transaction

PARSIPPANY, N.J. – Wyndham Motels & Resorts, Inc. (NYSE: WH) (the “Firm”) right this moment introduced that it efficiently accomplished the refinancing of its beforehand excellent Senior Secured Time period Mortgage B Facility due Could 2025 (the “Time period Mortgage B due 2025”). The Firm closed on a brand new $1.1 billion Senior Secured Time period Mortgage B Facility (the “New Time period Mortgage B”), which is able to mature in Could 2030. The online proceeds from the New Time period Mortgage B have been used to repay all excellent principal below its Time period Mortgage B due 2025.

The New Time period Mortgage B garnered important investor demand, leading to an upsize of practically $400 million whereas in market and a gorgeous rate of interest of SOFR plus 2.25% (with a 0.10% credit score unfold adjustment), at a difficulty value of 99.5%. The refinancing represented one of many largest and tightest priced syndicated leveraged mortgage issuances for any “double-B” corporate-credit rated firm up to now in 2023 – indicative of the Firm’s engaging, resilient franchise enterprise mannequin. As well as, the Firm not too long ago acquired an funding grade credit standing on its senior secured debt from Fitch Scores Inc., and, because of this, now has the power to entry each the excessive yield and funding grade credit score markets for future financings.

We’re extraordinarily happy with the completion of our New Time period Mortgage B. Our refinancing technique prolonged our present Time period Mortgage B Facility from 2025 to 2030, shifting our subsequent materials debt maturity to 2027 and rising our weighted common maturity from 3.2 to six.0 years. With the opportunistic refinancing behind us and a franchised enterprise mannequin that’s extremely money generative, we possess important monetary flexibility to execute on our strategic targets of delivering excellent worth to our company and franchisees whereas driving robust shareholder return.Michele Allen, Chief Monetary Officer.

Deutsche Financial institution Securities Inc., JPMorgan Chase Financial institution, N.A. and BofA Securities, Inc. acted as joint lead arrangers for the New Time period Mortgage B. Barclays Financial institution PLC, U.S. Financial institution Nationwide Affiliation, Wells Fargo Financial institution, Nationwide Affiliation and Wells Fargo Securities, LLC, The Financial institution of Nova Scotia, Truist Securities, Inc., and PJT Companions LP acted as joint bookrunners.

About Wyndham Motels & Resorts

Wyndham Motels & Resorts (NYSE: WH) is the world’s largest resort franchising firm by the variety of properties, with roughly 9,100 motels throughout over 95 nations on six continents. By its community of roughly 845,000 rooms interesting to the on a regular basis traveler, Wyndham instructions a number one presence within the economic system and midscale segments of the lodging business. The Firm operates a portfolio of 24 resort manufacturers, together with Tremendous 8®, Days Inn®, Ramada®, Microtel®, La Quinta®, Baymont®, Wingate®, AmericInn®, Hawthorn Suites®, Trademark Assortment® and Wyndham®. The Firm’s award-winning Wyndham Rewards loyalty program affords roughly 101 million enrolled members the chance to redeem factors at hundreds of motels, trip membership resorts and trip leases globally.

Ahead-Wanting Statements

This press launch accommodates “forward-looking statements” throughout the that means of federal securities legal guidelines, together with statements associated to the closing of our new
Time period Mortgage B Facility and the usage of proceeds therefrom
. The Firm claims the safety of the Secure Harbor contained within the Personal Securities Litigation Reform Act of 1995 for forward-looking statements. Ahead-looking statements embrace people who convey administration’s expectations as to the long run based mostly on plans, estimates and projections on the time the Firm makes the statements and could also be recognized by phrases corresponding to “will,” “anticipate,” “consider,” “plan,” “anticipate,” “intend,” “purpose,” “future,” “outlook,” “steering,” “goal,” “goal,” “estimate,” “projection” and comparable phrases or expressions, together with the destructive model of such phrases and expressions. Ahead-looking statements contain identified and unknown dangers, uncertainties and different components, which can trigger the precise outcomes, efficiency or achievements of the Firm to be materially totally different from any future outcomes, efficiency or achievements expressed or implied by such forward-looking statements. You might be cautioned to not place undue reliance on these forward-looking statements, which converse solely as of the date of this press launch.

Elements that might trigger precise outcomes to vary materially from these within the forward-looking statements embrace, with out limitation, basic financial situations, together with inflation, larger rates of interest and potential recessionary pressures; the worsening of the consequences from the coronavirus pandemic (“COVID-19”); COVID-19’s scope, period, resurgence and impression on the Firm’s enterprise operations, monetary outcomes, money flows and liquidity, in addition to the impression on the Firm’s franchisees, company and group members, the hospitality business and general demand for and restrictions on journey the Firm’s continued efficiency through the restoration from COVID-19 and any resurgence or mutations of the virus considerations with or threats of different pandemics, contagious ailments or well being epidemics, together with the consequences of COVID-19; the efficiency of the monetary and credit score markets; the financial setting for the hospitality business; working dangers related to the resort franchising companies; the Firm’s relationships with franchisees; the impression of conflict, terrorist exercise, political instability or political strife, together with the continued battle between Russia and Ukraine; the Firm’s means to fulfill obligations and agreements below its excellent indebtedness, together with the fee of principal and curiosity and compliance with the covenants thereunder; dangers associated to the Firm’s means to acquire financing and the phrases of such financing, together with entry to liquidity and capital; and the Firm’s means to make or pay, plans for and the timing and quantity of any future share repurchases and/or dividends, in addition to the dangers described within the Firm’s most up-to-date Annual Report on Kind 10-Okay filed with the Securities and Change Fee and any subsequent experiences filed with the Securities and Change Fee. The Firm undertakes no obligation to replace or revise any forward-looking statements, whether or not on account of new info, subsequent occasions or in any other case, besides as required by legislation.

SOURCE Wyndham Motels & Resorts

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