Wyndham Worldwide priced a $300 million timeshare loan securitization today, according to a person familiar with the transaction.

Sierra Timeshare 2013-1 Receivables Funding's $230.78 million senior tranche, which is rated 'A' by Fitch Ratings, yields 100 basis points over the interpolated swaps curve.

The deal's $69.2 million 'BBB'-rated tranche yields 180 basis points over swaps. Both tranches have a weighted average life of 3.29 years and an expected maturity of August 2020.

Deutsche Bank is the lead underwriter, according to Fitch's presale report.

Wyndham’s latest transaction has slightly less credit enhancement that its previous deal, issued in 2012, according to Fitch. The initial hard credit enhancement for the class A and B notes is 32.5% and 11.5%, respectively, compared with 35.0% and 13.5%, for the class A and B notes, respectively, in the 2012-3 transaction.

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