Wyndham Worldwide Corp. is in the market with Sierra Timeshare 2011-1 Receivables Funding (Sierra Timeshare 2011-1), a $250 million transaction.
The 2011-1 deal is the 15th securitization backed by timeshare loans offered by Wyndham, according to a Fitch Ratings presale report. Like the firm's prior transaction, this three-tranche deal will also incorporate a senior/subordinate structure. But, not like the previous offering, Fitch said that this deal includes class C notes.
The notes' proceeds will be for buying timeshare loans originated by Wyndham Worldwide’s indirect, wholly owned operating subsidiaries Wyndham Vacation Resorts and Wyndham Resort Development Corp. They will also be used for the required deposit into the reserve account. Both companies are Wyndham Vacation Ownership subsidiaries.
In other deal news, Goldman Sachs and Citigroup are marketing a $1.4 billion CMBS, according to a Bloomberg report. The offering is backed by 57 mortgages on 111 properties across the country with the highest concentration in Texas, Bloomberg reported.