Business Context and Reporting Period
This Form 8-K was filed by Wyndham Worldwide Corporation on March 10, 2011. The report details the expiration and final settlement of a cash tender offer for the company's 3.50% Convertible Notes due 2012.
Key Financial Metrics
- Tendered Principal: $91,215,000 (approximately 78.8% of the aggregate outstanding principal).
- Remaining Outstanding Principal: Approximately $24.6 million.
- Purchase Price: $2,541.72 per $1,000 principal amount of Convertible Notes.
- Total Cash Paid: Approximately $233.0 million (including accrued and unpaid interest up to the settlement date).
- Settlement Date: March 10, 2011.
Material Changes
The company successfully reduced its outstanding debt load by retiring approximately 78.8% of its 3.50% Convertible Notes due 2012. The tender offer expired on March 9, 2011, and the company accepted all validly tendered notes for purchase.
Outlook and Management Commentary
The filing confirms the successful completion of the tender offer as previously announced. No forward-looking guidance, risk factors, or unusual items beyond the transaction details are provided in this specific report.
Investor Verification Checklist
- Verify the remaining $24.6 million principal balance of the 3.50% Convertible Notes due 2012.
- Confirm the impact of the $233.0 million cash outflow on the company's current liquidity position.
- Review the terms of the remaining convertible notes to understand future conversion or redemption obligations.