Travel + Leisure Co. Completes $375 Million Term Securitization

ORLANDO, Fla.--(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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240722738583/en/

Investor Contact:
Jill Greer
Investor Relations
(407) 626-4050
[email protected]

Media Contact:
Steven Goldsmith
Public Relations
(407) 626-5882
[email protected]

Source: Travel + Leisure Co.

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