Travel + Leisure Co. Completes $300 Million Term Securitization
20 Julho 2023 - 5:30PM
Business Wire
Travel + Leisure Co. (NYSE:TNL) announced today that it has
completed a term securitization transaction involving the issuance
of $300 million in principal amount of asset-backed notes with an
overall weighted average coupon of 6.72%. Sierra Timeshare 2023-2
Receivables Funding LLC issued $123 million of Class A Notes, $77
million of Class B Notes, $63 million of Class C Notes, and $37
million of Class D Notes. The Class A Notes have a coupon of 5.80%,
the Class B Notes have a coupon of 6.28%, the Class C Notes have a
coupon of 7.30%, and the Class D Notes have a coupon of 9.72%. The
advance rate for this transaction was 91.7%.
“This transaction once again demonstrates the strength of our
business model and our ability to continue to access capital,” said
Mike Hug, Chief Financial Officer of Travel + Leisure Co. “Investor
demand continues to be strong as witnessed by solid
oversubscription levels. We are excited about the closing of this
transaction, its terms, and the enhancement it provides to our
liquidity position.”
Sierra Timeshare 2023-2 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 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 18,000+ 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/20230720850809/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
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