Wyndham Debt Bounces Back with More Buyers

  • 24 Oct 2001
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Wyndham International's "B" paper traded up to 81 from 78 last week as distressed buyers start to take an interest in the paper. Approximately $7 million changed hands. Traders also said that the credit has gone from being a par name and is now being traded by distressed dealers for the anticipated recovery. "Par guys are not in it anymore," said one. "Distressed players are making their bets on it." Dallas-based Wyndham manages 240 hotels. Richard Smith, cfo, referred calls to investor relations department and not returned.

Before Sept. 11, rumors of a buyout by London-based Bass Hotels propelled Wyndham paper into the 99 1/8 range. With the hotel sector expected to be drastically affected over the next few quarters, dealers now say the buyout is very uncertain. Wyndham has a $1.3 billion deal that breaks down into three tranches. Pricing is LIBOR plus 3 3/4%. J.P. Morgan leads the deal.

  • 24 Oct 2001

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 6,415 22 12.84
2 Citi 5,781 17 11.57
3 BNP Paribas 3,530 14 7.06
4 Credit Suisse 2,783 8 5.57
5 Rabobank 2,633 4 5.27

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 99,251.11 279 13.15%
2 Bank of America Merrill Lynch 90,895.27 265 12.04%
3 Wells Fargo Securities 72,661.39 222 9.63%
4 JPMorgan 52,367.24 169 6.94%
5 Credit Suisse 41,885.89 127 5.55%