Hotel Online  .Special Report

advertisements


Wyndham International Lenders Agree to
Senior Credit Facilities Amendments
Hotel Operations Continue to Generate Positive Cash Flow

-
DALLAS (Jan. 25, 2002) - Wyndham International, Inc. (NYSE:WYN) today announced that it has reached an agreement with its lenders to amend its senior credit facilities. The amendment is a finalization of a process that began in September 2001, which initially allowed a waiver of certain covenants for the third and fourth quarters of 2001.

Under the terms of the amendment, Wyndham's lenders have agreed to amend the facilities for the remaining term of the loans. The total debt covered by the facility as of Dec. 31, 2001 includes $1,284MM in Term B loans maturing in June 2006, $482MM in increasing rate loans, IRL, and a revolver with capacity of $500MM both maturing in June 2004.  The terms of the amendment also include mortgage collateral for certain properties that were previously unencumbered.  Additional details of the amendment will be released in a report on Form 8-K.

"We are very pleased with the support of our banking syndicate in approving the amendment well in advance of the waiver expiration date," stated Fred J. Kleisner, chairman and chief executive officer of Wyndham International.  "The amendment provides Wyndham with a permanent solution for the duration of the facilities, enabling us to stay focused on our strategic plan."

Wyndham International, Inc. offers upscale and luxury hotel and resort accommodations through proprietary lodging brands and a management services division. Based in Dallas, Wyndham International owns, leases, manages and franchises hotels and resorts in the United States, Canada, Mexico, the Caribbean and Europe. 

This press release contains certain forward-looking statements within the meaning of Sections 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including projections about future operating results. 

###

Contact
Elizabeth Williams
[email protected]
(214) 863-1389
www.wyndham.com

Also See Wyndham Bank Syndicate Waives Certain Covenants; 5% of Total Workforce Furloughed or Laid Off / Oct 2001 


To search Hotel Online data base of News and Trends Go to Hotel.Online Search

Home | Welcome! | Hospitality News | Classifieds | Catalogs & Pricing | Viewpoint Forum | Ideas/Trends
Please contact Hotel.Online with your comments and suggestions.