Wyndham Worldwide (NYSE: WYN) announced Wednesday that it has replaced a $900 million credit agreement with a new $950 million facility, according to Associated Press.
The existing agreement was set to mature in July 2011, but the new facility gives Wyndham more time, as it will not mature until Oct. 1, 2013.
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Wyndham also repaid a $300 million term loan agreement due July 2011. The outstanding balance of $153 million was repaid with some of the proceeds from an offering of $250 million senior unsecured notes due 2020.
The company said it will take an approximately $16 million first-quarter charge related to the early repayment of the term loan facility.
Last month Wyndham Worldwide Corp. reported that it returned to a fourth-quarter profit, citing a slight increase in timeshare revenue.
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