Wyndham Settles In Near Par
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Wyndham Settles In Near Par

Wyndham International's bank debt was stronger last week with the company's term loan "B" trading as high as the 96-97 range and its increasing rate loan (IRL) moving in the 961/4-971/4 range.

Wyndham International's bank debt was stronger last week with the company's term loan "B" trading as high as the 96-97 range and its increasing rate loan (IRL) moving in the 961/4-971/4 range. The IRL loan has a LIBOR plus 53/4% pricing as does the "B" tranche, except 1% of the spread on the "B" piece is provided through a paid-in-kind feature, one dealer explained.

Last month, the company met the requirements it needed to extend out the maturity of its IRL and revolver tranches until April 2006. These requirements were set forth in a May 2003 amendment to the company's credit agreement. They included the principal repayment of about $200 million of the term loan and IRL before Feb. 29. The company also had to extend or refinance a 1999 commercial mortgage-backed securities pool with Lehman Brothers beyond June 30, 2006, the maturity date of the company's term loans.

This time last year, Wyndham's "B" loan was quoted in the 793/4-807/8 context and the IRL 817/8-833/8 range, according to Mark-It/LoanX. Calls to company officials and a spokeswoman were not returned by press time.

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