Travel + Leisure Co. Successfully Reprices and Upsizes Secured Term Loan B Facility to $598 Million
20 Dezembro 2023 - 6:30PM
Business Wire
Travel + Leisure Co. (NYSE:TNL) announced today the closing of
the Fifth Amendment to its Credit Agreement, which established $598
million of incremental term loans (the “2023 Term Loan B
Facility”). The 2023 Term Loan B Facility refinanced $298 million
of outstanding borrowings under the 2022 Incremental Term Loan
facility and included additional borrowings of $300 million. The
company expects to use net proceeds from the 2023 Term Loan B,
together with available cash on hand and revolving credit facility
borrowings to repay its outstanding $300 million 5.65% secured
notes due April 2024 and pay related fees and expenses.
The 2023 Term Loan B Facility matures on December 14, 2029, and
priced at SOFR plus 3.25% plus a 0.10% SOFR Adjustment, which is 75
basis points lower than the 2022 Incremental Term Loan facility.
$298 million of the borrowings under the 2023 Term Loan B Facility
priced at par, while the additional $300 million was subject to an
original issue discount of 99.75%. The floor rate remains at
0.50%.
“We are very pleased with the transaction results. Successfully
upsizing our 2022 Term Loan B by $300 million while achieving a 75
basis point price reduction demonstrates Travel + Leisure’s
continued strong appeal to existing and new investors,” said Mike
Hug, Chief Financial Officer of Travel + Leisure Co.
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 245+ 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 19,500+ dedicated associates
bring out the best in people and places around the globe. We put
the world on vacation. Learn more at travelandleisureco.com.
Forward-Looking Statements
This press release includes “forward-looking statements” as that
term is defined by the Securities and Exchange Commission (“SEC”).
Forward-looking statements are any statements other than statements
of historical fact, including statements regarding our
expectations, beliefs, hopes, intentions or strategies regarding
the future. In some cases, forward-looking statements can be
identified by the use of words such as “expects,” and other words
of similar meaning. Forward- looking statements are subject to
risks and uncertainties that could cause actual results of Travel +
Leisure Co. and its subsidiaries (“Travel + Leisure Co.” or “we”)
to differ materially from those discussed in, or implied by, the
forward-looking statements. Factors that might cause such a
difference include, but are not limited to, risks associated with:
the acquisition of the Travel + Leisure brand and the future
prospects and plans for Travel + Leisure Co., including our ability
to execute our strategies to grow our cornerstone timeshare and
exchange businesses and expand into the broader leisure travel
industry through new business extensions; our ability to compete in
the highly competitive timeshare and leisure travel industries;
uncertainties related to acquisitions, dispositions and other
strategic transactions; the health of the travel industry and
declines or disruptions caused by adverse economic conditions,
inflation and potential recessionary impacts, unemployment rates,
consumer sentiment, terrorism or acts of gun violence, political
strife, war, including hostilities in Ukraine, pandemics, and
severe weather events and other natural disasters; adverse changes
in consumer travel and vacation patterns, consumer preferences and
demand for our products; increased or unanticipated operating costs
and other inherent business risks; our ability to comply with
financial and restrictive covenants under our indebtedness; rising
interest rates and our ability to access capital markets on
reasonable terms, at a reasonable cost or at all; maintaining the
integrity of internal or customer data and protecting our systems
from cyber- attacks; uncertainty with respect to the scope, impact
and duration of the novel coronavirus global pandemic (“COVID-19”),
including resurgences, the pace of recovery, distribution and
adoption of vaccines and treatments, and actions in response to the
evolving pandemic by governments, businesses and individuals; the
timing and amount of future dividends and share repurchases, if
any; and those other factors disclosed as risks under “Risk
Factors” in documents we have filed with the SEC, including in Part
I, Item 1A of our Annual Report on Form 10-K for the fiscal year
ended December 31, 2021, filed with the SEC on February 23, 2022.
We caution readers that any such statements are based on currently
available operational, financial and competitive information, and
they should not place undue reliance on these forward-looking
statements, which reflect management’s opinion only as of the date
on which they were made. Except as required by law, we undertake no
obligation to review or update these forward-looking statements to
reflect events or circumstances as they occur.
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version on businesswire.com: https://www.businesswire.com/news/home/20231220015229/en/
Investor Contact: Christopher Agnew Senior Vice
President, 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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