Travel + Leisure closes $300M asset-backed securitization at 5.52% coupon

Travel + Leisure Co. (NYSE: TNL) completed a $300 million term securitization transaction through its indirect subsidiary, Sierra Timeshare 2026-2 Receivables Funding LLC, according to a press release.

The asset-backed notes carried an overall weighted average coupon of 5.52%, with an advance rate of 98.00%. The transaction was structured across four note classes: $136 million in Class A Notes at a 4.98% coupon, $52 million in Class B Notes at 5.19%, $62 million in Class C Notes at 5.63%, and $50 million in Class D Notes at 7.19%.

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

Erik Hoag, Chief Financial Officer of Travel + Leisure Co., said the transaction "provides efficient access to capital with attractive economics and reflects the continued investor demand for our receivables platform."

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