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Trendwest Closes $163-Mil Securitization

REDMOND, WA-The publicly traded vacation timeshare company focused on the U.S. market fared far better than some of its leisure industry brethren on Monday, the first day of trading since the national tragedy last week.

By Janet Parker | Updated on September 17, 2001

REDMOND, WA-Trendwest Resorts Inc., a nation-wide vacation timeshare company, announced last Thursday that it has completed a $163 million asset-backed securitization. Market sources say the 144a deal, backed by Trendwest’s timeshare receivables, was oversubscribed.

A company spokesperson tells GlobeSt the new interest rate of 5.69% represents a significant savings to the company; although, she was unable to provide specifics.

Trendwest says most of the contracts sold in the offering “had previously been sold to our receivables warehouse facility, TW Holdings III.” Since last November, when the company’s share price hit its 52-week low of $10.0833, the company experienced a steady surge to its most-recent 52-week high of $29.84 at the beginning of May.

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