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Travel + Leisure Co. Announces Pricing of $900 Million of Senior Secured Notes Due 2031

TNL
  • Travel + Leisure Co. priced a $900 million private offering of senior secured notes due 2031.
  • The offering is expected to close on May 20, 2026, subject to customary market conditions.
  • Net proceeds will redeem outstanding 6.625% secured notes due July 2026, repay revolving credit facility borrowings, and fund general corporate purposes.
  • The new notes bear interest at 6.250% per year with semi-annual payments starting December 1, 2026.
  • Notes mature on June 1, 2031, unless redeemed earlier under specific terms.
  • Redemption options include 100% of principal plus make-whole premiums prior to June 1, 2028, and fixed redemption prices on or after June 1, 2028, with par redemption available on or after June 1, 2030.
  • The notes were offered at 100% of their principal amount.
  • The offering was conducted under Rule 144A to qualified institutional buyers or Regulation S to non-U.S. persons in offshore transactions.
  • The press release does not constitute a notice of redemption for the existing 6.625% secured notes due July 2026.