Wyndham Worldwide announced the closing of a new $1.5 billion revolving credit facility to replace its existing $1 billion facility, which had been scheduled to mature in July 2016. The maturity date of the new facility is July 2018.

Simultaneously, the company upsized its existing commercial paper program by $250 million to $750 million. There is no change to the company’s overall corporate debt balance as a result of this transaction.

J.P. Morgan Securities and Merrill Lynch, Pierce, Fenner & Smith acted as joint bookrunners for the new revolving credit facility. Bank of America will be acting as administrative agent for the new revolving credit facility.

“This financing is another example of our strong record of capital markets execution. The transaction extends the credit facility to a five year maturity and strengthens our liquidity profile through favorable pricing terms,” said Tom Conforti, chief financial officer of Wyndham Worldwide. “We are pleased with the support from our relationship banks, which reinforces the banking community’s continued confidence in Wyndham Worldwide.”

One of the world’s largest hospitality companies, Wyndham Worldwide provides a wide range of hospitality products and services.