Travel + Leisure Co. Completes $350 Million Term Securitization
March 21 2024 - 11:50AM
Business Wire
Travel + Leisure Co. (NYSE:TNL) announced today that it has
completed a term securitization transaction involving the issuance
of $350 million in principal amount of asset-backed notes with an
overall weighted average coupon of 5.66%. The advance rate for this
transaction was 95.25%.
“Our first public term offering of the year received
considerable interest from the investment community, which led to
strong execution and a blended interest rate of 112 basis points
below our October 2023 transaction and an increase in the advance
rate of 350 basis points,” said Mike Hug, Chief Financial Officer
of Travel + Leisure Co.
Sierra Timeshare 2024-1 Receivables Funding LLC issued $143
million of Class A Notes, $90 million of Class B Notes, $85 million
of Class C Notes, and $32 million of Class D Notes. The Class A
Notes have a coupon of 5.15%, the Class B Notes have a coupon of
5.35%, the Class C Notes have a coupon of 5.94%, and the Class D
Notes have a coupon of 8.02%.
Sierra Timeshare 2024-1 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.
As the world’s leading membership and leisure travel company,
Travel + Leisure Co. (NYSE:TNL) transformed the way families
vacation with the introduction of the most dynamic points-based
vacation ownership program at Club Wyndham, and the first vacation
exchange network, RCI. The company delivers more than six million
vacations each year at 270+ timeshare resorts worldwide, through
tailored travel and membership products, and via Travel + Leisure
GO - the signature subscription travel club inspired by the pages
of Travel + Leisure magazine. With hospitality and responsible
tourism at the heart of all we do, our 19,000+ dedicated associates
bring out the best in people and places around the globe. We put
the world on vacation. Learn more at travelandleisureco.com.
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Investor Contact: Kendrick Calilao Investor Relations
(407) 626-4050 IR@travelandleisure.com Media Contact: Steven
Goldsmith Public Relations (407) 626-5882
Steven.Goldsmith@travelandleisure.com
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