"As a newly listed company, we have determined that a stock repurchase program is an effective way to both enhance shareholder value and demonstrate our confidence in the long-term value of Wyndham Worldwide," said Stephen P. Holmes, Wyndham Worldwide chairman and chief executive officer.
As previously disclosed, Wyndham Worldwide expects to use the proceeds from the Travelport sale to pay down the Companys outstanding debt. The Company expects to obtain the funds necessary to conduct its repurchase program through a combination of cash on hand and existing bank facilities. As of August 1, 2006, Wyndham Worldwide had approximately 200.4 million shares outstanding.
As one of the worlds largest hospitality companies, Wyndham Worldwide offers individual consumers and business-to-business customers a broad suite of hospitality products and services across various accommodation alternatives and price ranges through its premier portfolio of world-renowned brands. Wyndham Hotel Group encompasses more than 6,400 franchised hotels and 535,000 hotel rooms worldwide. RCI Global Vacation Network offers its more than 3 million members access to approximately 55,000 vacation properties located in more than 100 countries. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its network of more than 140 vacation ownership resorts serving more than 750,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs approximately 28,800 employees globally.
For more information about Wyndham Worldwide, please visit the companys web site at http://www.wyndhamworldwide.com.
