Pricing Term Sheet

 

Filed pursuant to Rule 433

Relating to

Preliminary Prospectus Supplement dated March 16, 2017

Prospectus dated August 5, 2015

Registration Statement No. 333-206104

 

GRAPHIC

 

$300,000,000 4.150% Notes due 2024
$400,000,000 4.500% Notes due 2027

 

Issuer:

 

Wyndham Worldwide Corporation

 

 

 

Expected Ratings (Moody’s / S&P / Fitch):*

 

Baa3 (Stable) / BBB- (Stable) / BBB- (Stable)

 

 

 

Trade Date:

 

March 16, 2017

 

 

 

Settlement Date:

 

March 21, 2017 (T+3)

 

 

 

 

 

 

 

2024 Notes

 

2027 Notes

 

 

 

 

 

Title of Securities:

 

4.150% Notes due 2024

 

4.500% Notes due 2027

 

 

 

 

 

Principal Amount:

 

$300,000,000

 

$400,000,000

 

 

 

 

 

Maturity Date:

 

April 1, 2024

 

April 1, 2027

 

 

 

 

 

Interest Rate:

 

4.150% per annum

 

4.500% per annum

 

 

 

 

 

Interest Rate Adjustment:

 

The interest rate on the notes is subject to adjustment as described in the Preliminary Prospectus Supplement.

 

The interest rate on the notes is subject to adjustment as described in the Preliminary Prospectus Supplement.

 

 

 

 

 

Price to Public:

 

99.818% of the principal amount

 

99.775% of the principal amount

 

 

 

 

 

Gross Proceeds to Issuer:

 

$299,454,000

 

$399,100,000

 

 

 

 

 

Yield to Maturity:

 

4.180%

 

4.528%

 

 

 

 

 

Spread to Benchmark Treasury:

 

T + 185 basis points

 

T + 200 basis points

 

 

 

 

 

Benchmark Treasury:

 

2.125% Notes due February 29, 2024

 

2.250% Notes due February 15, 2027

 

 

 

 

 

Benchmark Treasury Price / Yield:

 

98-22 / 2.330%

 

97-18+ / 2.528%

 

 

 

 

 

Interest Payment Dates:

 

April 1 and October 1, commencing October 1, 2017

 

April 1 and October 1, commencing October 1, 2017

 

 

 

 

 

Optional Redemption Provisions:

 

Prior to February 1, 2024, make-whole call at any time at a discount rate of Treasury plus 30 basis points; par call at any time on and after February 1, 2024

 

Prior to January 1, 2027, make-whole call at any time at a discount rate of Treasury plus 30 basis points; par call at any time on and after January 1, 2027

 

 

 

 

 

CUSIP / ISIN:

 

98310WAP3 / US98310WAP32

 

98310WAN8 / US98310WAN83

 

 

 

 

 

Joint-Book Running Managers:

 

J.P. Morgan Securities LLC

 

J.P. Morgan Securities LLC

 

 

Deutsche Bank Securities Inc.

 

Deutsche Bank Securities Inc.

 

 

Wells Fargo Securities, LLC

 

Wells Fargo Securities, LLC

 

 

Goldman, Sachs & Co.

 

Goldman, Sachs & Co.

 

 

Merrill Lynch, Pierce, Fenner & Smith

 

Merrill Lynch, Pierce, Fenner & Smith

 

 

Incorporated

 

Incorporated

 

 

 

 

 

Senior Co-Managers:

 

MUFG Securities Americas Inc.

 

MUFG Securities Americas Inc.

 

 

SunTrust Robinson Humphrey, Inc.

 

SunTrust Robinson Humphrey, Inc.

 

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Co-Managers:

 

Academy Securities, Inc.

 

Academy Securities, Inc.

 

 

BB&T Capital Markets, a division of BB&T Securities, LLC

 

BB&T Capital Markets, a division of BB&T Securities, LLC

 

 

BBVA Securities Inc.

 

BBVA Securities Inc.

 

 

Credit Suisse Securities (USA) LLC

 

Credit Suisse Securities (USA) LLC

 

 

Scotia Capital (USA) Inc.

 

Scotia Capital (USA) Inc.

 

 

U.S. Bancorp Investments, Inc.

 

U.S. Bancorp Investments, Inc.

 

 

 

 

 

Use of Proceeds:

 

The issuer intends to use the net proceeds of this offering for general corporate purposes, which may include working capital, capital expenditures, acquisitions, stock repurchases or repayment of outstanding commercial paper or other borrowings.

 

*Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. Credit ratings are subject to change depending on financial and other factors.

 

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling J.P. Morgan Securities LLC collect at 1-212-834-4533, Deutsche Bank Securities Inc. toll free at 1-800-503-4611 or Wells Fargo Securities, LLC toll free at 1-800-645-3751.

 

ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.

 

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