Travel + Leisure Co. Completes $300 Million Term Securitization
20 October 2023 - 5:00AM
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 6.78%. The advance rate for this
transaction was 91.75%.
“We are very pleased with the successful completion of our third
term securitization of 2023, once again demonstrating confidence in
the quality and dependability of our vacation ownership business,”
said Mike Hug, Chief Financial Officer of Travel + Leisure Co.
“With this issuance we have completed three ABS term transactions
totaling $850 million in principal amount in 2023.”
Sierra Timeshare 2023-3 Receivables Funding LLC issued $123
million of Class A Notes, $79 million of Class B Notes, $64 million
of Class C Notes, and $34 million of Class D Notes. The Class A
Notes have a coupon of 6.10%, the Class B Notes have a coupon of
6.44%, the Class C Notes have a coupon of 7.12%, and the Class D
Notes have a coupon of 9.44%.
Sierra Timeshare 2023-3 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 19,500+ 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/20231019730968/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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