Wyndham Trades Up
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Wyndham Trades Up

Dealers said that roughly $25 million of Wyndham International's bank debt has been trading in the 95-96 range up from the 93 3/4 and 94 1/2 range a couple of weeks ago on the back of Starwood Hotels & Resorts Worldwide's proposed $1 billion bond deal. Market players explained that the name reacted positively to an indication for growing health in the lodging sector.

One trader also noted the credit's generous coupon of 43/ 4% over LIBOR and speculated that the company might cash in on good industry news and refinance the deal. He also revived rumors that the company might be acquired by London-based Bass Hotels, which were squashed when the hotel industry was hurt post-September 11. In January, the name got a boost in anticipation of amendments that were finalized. The "B" paper traded up to the 87 range, while the increasing-rate loan traded in the 85 range (LMW, 1/14).

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