Details about the collateral and refinancing will be available Monday if the Dallas-based Wyndham files its 8K with the Securities and Exchange Commission as anticipated, GlobeSt.com is told. Affiliates of New York City-based Lehman Brothers financed the loan, which matures June 9, 2005, the same year that the guard must change for the publicly held hotel company. The Lehman's package includes a 37-month extension option.
Just 10 days ago, Wyndham announced an amendment, with conditions, to senior corporate credit facilities, held by a lenders' consortium led by JPMorgan Chase as the administrative agent. With the facility set to mature June 30, 2004, Wyndham is seeking to push the maturity to April 1, 2006. To get the final nod, Wyndham must lower its debt, the bulk of which was acquired during the 1998-99 acquisition of nine companies. A contact tells GlobeSt.com that debt is now riding at a tad under $2.8 billion.
More than 95% of the lenders agreed to the amendment. The original maturity date on increasing rate loans remain intact for those lenders who did not go along with the plan.
Fred J. Kleisner, Wyndham's chairman and CEO, is traveling as is the rest of the management team. In a press release, he said Wyndham is "highly confident that the remaining conditions to the maturity extension of our corporate credit facilities will be accomplished well before the nine-month deadline." By pushing out the maturity to 2006, Kleisner said "we can now focus our efforts on running our business through operational initiatives and innovative marketing programs in preparation for the expected economic recovery.
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