DALLAS— Wyndham International, Inc. has concluded the refinancing of certain of its debt, thereby eliminating all significant maturities during 2002. Previously, the company had approximately $287 million in debt with maturities coming due in 2002. Those maturities had been reduced to approximately $23 million at the conclusion of the companys second quarter and are now eliminated. Wyndham is addressing the subsequent maturities due June 2003 and beyond. Liquidity remains strong despite the sluggish economy, according to the company. After payment of all required expenses, including debt service obligations and capital expenditures, the company has approximately $255 million in excess liquidity. “We are very pleased to have completed these refinancings on schedule,” said Wyndham Chairman/CEO Fred Kleisner. “Even with business travel picking up more slowly than anticipated, operating cash flow remains above the amount needed for debt service, and for reinvestment in our business through capital improvements. Over the longer term, consistent with our previously stated goals, we will continue moving forward with our plan to focus on proprietary branded operations and improve our balance sheet through asset divestitures on a selective basis.”
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