Travel + Leisure Co. (NYSE: TNL) completed a $300 million term securitization transaction, issuing asset-backed notes with a weighted average coupon of 6.18% and an advance rate of 98%, according to a company press release.

The transaction was issued through Sierra Timeshare 2026-3 Receivables Funding LLC, an indirect subsidiary of Travel + Leisure Co., and included four classes of notes: $137 million of Class A Notes at a 5.71% coupon, $50 million of Class B Notes at 5.81%, $62 million of Class C Notes at 6.15%, and $51 million of Class D Notes at 7.85%.

The deal marks the company's third term securitization of 2026, bringing its total asset-backed securities issuance for the year to $925 million. Erik Hoag, Chief Financial Officer of Travel + Leisure Co., said each transaction was completed at a 98% advance rate.

The securities were placed under Rule 144A and Regulation S and were not registered under the Securities Act of 1933 or any state securities law.