Wyndham International's bank debt continued to grow stronger in the secondary market last week with traders attributing the rise to market technicals. The company's "B" loan was quoted in the 941/2-951/2 context the increasing rate loan (IRL) in the 951/2-961/2 context and the company's revolver in the 93-933/4 level. "There is still a lot of cash out there," said one dealer, noting that several accounts--including some new vehicles that are struggling to find assets--are looking to fill up their coffers.
Market sources said with so many names trading over par, Wyndham is one that still has a decent discount. About a year ago, Wyndham's loan was trading at an even greater discount with its "B" quoted in the 80-811/2 range and its IRL was quoted in the 81-823/4 context, according to LoanX. At the end of the third quarter, the company had $168.7 million outstanding on its revolver, almost $1.079 billion on its term loans and $379.2 million on its increasing rate loan, according to company filings.