Travel + Leisure Co. Completes $375 Million Term Securitization
22 Julho 2024 - 3:00PM
Business Wire
Travel + Leisure Co. (NYSE:TNL) announced today it completed a
term securitization transaction involving the issuance of $375
million in principal amount of asset-backed notes with an overall
weighted average coupon of 5.56%. The advance rate for this
transaction was 96.00%.
“We are very pleased with the successful completion of our
second term securitization of 2024, with interest rate and advance
rate improvements over our March 2024 transaction,” said Mike Hug,
Chief Financial Officer of Travel + Leisure Co. “These terms
reflect the market’s confidence in Travel + Leisure and the quality
and dependability of our business.”
Sierra Timeshare 2024-2 Receivables Funding LLC issued $169
million of Class A Notes, $82 million of Class B Notes, $87 million
of Class C Notes, and $37 million of Class D Notes. The Class A
Notes have a coupon of 5.14%, the Class B Notes have a coupon of
5.29%, the Class C Notes have a coupon of 5.83%, and the Class D
Notes have a coupon of 7.48%.
Sierra Timeshare 2024-2 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.
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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version on businesswire.com: https://www.businesswire.com/news/home/20240722738583/en/
Investor Contact: Jill Greer 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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