Travel + Leisure Co. Completes $275 Million Term Securitization
July 21 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 2022-2
Receivables Funding LLC issued $111 million of Class A Notes, $66
million of Class B Notes, $69 million of Class C Notes, and $29
million of Class D Notes. The Class A Notes have a coupon of 4.73%,
the Class B Notes have a coupon of 5.04%, the Class C Notes have a
coupon of 6.36%, and the Class D Notes have a coupon of 9.22% for
an overall weighted average coupon of 5.70%. The advance rate for
this transaction was 90.5%.
“This transaction once again demonstrates the strength of our
business model and our ability to continue to access capital, even
during a time of significant market volatility and economic
uncertainty,” said Mike Hug, Chief Financial Officer of Travel +
Leisure Co. “Investor demand continues to be strong as witnessed by
solid oversubscription levels. We are very excited about the
closing of this transaction and its terms, as well as the
enhancement it provides to our liquidity position.”
Sierra Timeshare 2022-2 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/20220721005875/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 May 2024 to Jun 2024
Travel plus Leisure (NYSE:TNL)
Historical Stock Chart
From Jun 2023 to Jun 2024