Travel + Leisure Co. (NYSE: TNL) announced the pricing of $900 million in senior secured notes due 2031 in a private offering expected to close May 20, 2026, subject to customary market conditions.

The notes will carry a 6.250% annual interest rate, with semi-annual payments on June 1 and December 1 beginning December 1, 2026. The notes mature June 1, 2031 and were offered at 100% of principal amount.

The company plans to use proceeds to redeem all outstanding 6.625% secured notes due July 2026, repay borrowings under its revolving credit facility, and fund general corporate purposes with remaining proceeds.

Travel + Leisure retains redemption options under specific terms. Prior to June 1, 2028, the company may redeem notes at 100% of principal plus a make-whole premium and accrued interest. From June 1, 2028, redemption prices will be above face value plus accrued interest. Beginning June 1, 2030, notes may be redeemed at par plus accrued interest.

The notes were offered only to qualified institutional buyers under Rule 144A or non-U.S. persons in offshore transactions under Regulation S, as they are not registered under the Securities Act of 1933.

Travel + Leisure Co. operates vacation ownership, travel club, and lifestyle travel brands including Club Wyndham, WorldMark, and RCI, serving more than six million travelers annually through its portfolio of experiential and cornerstone brands.