Travel + Leisure Co. Announces Launch of Senior Secured Notes Offering
November 15 2021 - 7:57AM
Business Wire
Travel + Leisure Co. (NYSE:TNL) announced today that it has
launched a private offering (the "Offering") of $650 million
aggregate principal amount of senior secured notes due 2029 (the
"Notes"), subject to customary and market conditions.
The Company intends to use the net proceeds of this Offering,
together with cash on hand, to redeem all of the Company’s
outstanding 4.25% secured notes due March 2022 and to pay the
related fees and expenses.
The Notes have not been registered under the Securities Act of
1933, as amended (the "Securities Act"), any state securities laws
or the securities laws of any other jurisdiction, and may not be
offered or sold in the United States, or for the benefit of U.S.
persons, except pursuant to an applicable exemption from, or in a
transaction not subject to, the registration requirements of the
Securities Act and applicable state securities or blue sky laws.
Accordingly, the Notes are being offered only to persons reasonably
believed to be "qualified institutional buyers," as that term is
defined under Rule 144A of the Securities Act, or outside the
United States to non-"U.S. persons" in accordance with Regulation S
under the Securities Act.
A confidential offering memorandum for the Offering of the
Notes, dated as of today, is being made available to such eligible
persons. The Offering is being conducted in accordance with the
terms and subject to the conditions set forth in such confidential
offering memorandum.
This press release shall not constitute an offer to sell, a
solicitation to buy or an offer to purchase or sell any securities.
No offer, solicitation, purchase or sale will be made in any
jurisdiction in which such offer, solicitation or sale would be
unlawful. Any offer, or solicitation to buy, if at all, will be
made only by means of a confidential offering memorandum. This
press release does not constitute a notice of repayment of its
4.25% secured notes due March 2022.
About Travel + Leisure
Co.
Travel + Leisure Co. is the world’s leading membership and
leisure travel company, with nearly 20 travel brands across its
resort, travel club, and lifestyle portfolio. The company provides
outstanding vacation experiences and travel inspiration to millions
of owners, members, and subscribers every year through its products
and services: Wyndham Destinations, the largest vacation ownership
company with more than 245 vacation club resort locations across
the globe; Panorama, the world’s foremost membership travel
business that includes the largest vacation exchange company,
industry-leading travel technology, and subscription travel brands;
and Travel + Leisure Group, featuring top travel content, travel
services including the brand’s eponymous travel club, and branded
consumer products. At Travel + Leisure Co., our global team of
associates brings hospitality to millions each year, turning
vacation inspiration into exceptional travel experiences. We put
the world on vacation.
Forward-Looking
Statements
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended,
conveying management’s expectations as to the future based on
plans, estimates and projections at the time the Company makes the
statements. Forward-looking statements are any statements other
than statements of historical fact. Forward-looking statements
involve known and unknown risks, uncertainties and other factors,
which may cause the actual results, performance or achievements of
the Company to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. The forward-looking statements
contained in this press release include statements related to the
Offering and the use of proceeds therefrom.
You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. Factors that could cause actual results to differ
materially from those in the forward-looking statements include,
but are not limited to, uncertainty with respect to our ability to
realize the benefits of the Travel + Leisure brand acquisition; the
potential impact of the COVID-19 pandemic, including any
resurgences and the pace of recovery, and our related contingency
plans, including reductions in investment in our business, vacation
ownership interest sales and tour flow, and consumer demand and
liquidity; our ability to access to liquidity, capital and
financing and the terms and cost thereof, as well as the Company’s
credit rating; general economic conditions and unemployment rates,
the performance of the financial and credit markets; the
competition in and the economic environment for the leisure travel
industry; risks associated with employees working remotely or
operating with a reduced workforce; the impact of war, terrorist
activity, political strife, severe weather events and other natural
disasters, and pandemics (including COVID-19) or threats of
pandemics; operating risks associated with the Vacation Ownership
and Travel and Membership segments; uncertainties related to
strategic transactions, including the spin-off of our hotels
business, Wyndham Hotels, and any potential impact on our
relationships with our customers, suppliers, employees and others
with whom we have relationships, and possible disruption to our
operations; our ability to execute on our strategy and those other
factors described in the Company’s Annual Report on Form 10-K for
the year ended December 31, 2020 filed with the Securities and
Exchange Commission (the “SEC”) on February 24, 2021, its Quarterly
Report on Form 10-Q for the fiscal quarter ended March 31, 2021
filed with the SEC on April 28, 2021, and subsequent periodic
reports filed with the SEC. The Company undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, subsequent events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20211115005780/en/
Investor Contact: Christopher Agnew Senior Vice
President, FP&A and Investor Relations (407) 626-4050
Christopher.Agnew@travelandleisure.com Media Contact: Steven
Goldsmith Public Relations (407) 626-5882
Steven.Goldsmith@travelandleisure.com
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