Travel + Leisure Co. Completes $275 Million Term Securitization
March 23 2022 - 4:30PM
Business Wire
Travel + Leisure Co. (NYSE:TNL) announced today that it has
completed a term securitization transaction involving the issuance
of $275 million of asset-backed notes. Sierra Timeshare 2022-1
Receivables Funding LLC issued approximately $88 million of Class A
Notes, approximately $81 million of Class B Notes, approximately
$65 million of Class C Notes, and approximately $41 million of
Class D Notes. The Class A Notes have a coupon of 3.05%, the Class
B Notes have a coupon of 3.55%, the Class C Notes have a coupon of
3.94%, and the Class D Notes have a coupon of 6.00% for an overall
weighted average coupon of 3.84%. The advance rate for this
transaction was 98%.
“Our first term offering of 2022 demonstrates the strength of
our business model, even during a time of market volatility,” said
Mike Hug, chief financial officer of Travel + Leisure Co. “Despite
a very busy securitization market and continued rate variability,
we are pleased with the terms of this transaction and we remain
excited about the enhancement it provides to our liquidity
position.”
Sierra Timeshare 2022-1 Receivables Funding LLC is an indirect
subsidiary of Travel + Leisure Co. The transaction was completed in
reliance upon Rule 144A and Regulation S as a placement of
securities not registered under the Securities Act of 1933, as
amended, or any state securities law. All of such securities having
been sold, this announcement of their sale appears as a matter of
record only.
About Travel + Leisure
Co.
Travel + Leisure Co. (NYSE:TNL) 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 and subscription travel brands; and Travel +
Leisure Group, featuring top travel content and travel services
including the brand’s eponymous travel club. 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. Learn more at
travelandleisureco.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220323005794/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
Travel plus Leisure (NYSE:TNL)
Historical Stock Chart
From Sep 2024 to Oct 2024
Travel plus Leisure (NYSE:TNL)
Historical Stock Chart
From Oct 2023 to Oct 2024