Travel + Leisure Co. Successfully Executes $875 million Secured Term Loan B Facility Repricing and Refinancing Transaction
Summary
The continued strength of Travel + Leisure Co.s business allowed us to capitalize on favorable market conditions and successfully refinance and reprice our term loan B facilities. Solid investor demand enabled us to extend the maturity date for our $282 million term loan due May 2025 and achieve annual interest savings of nearly $5 million with no original issue discount for the overall transaction, said Mike Hug, Chief Financial Officer of Travel + Leisure Co.Travel + Leisure Co. (NYSE: TNL) is the worlds leading membership and leisure travel company, providing more than six million vacations to travelers every year. Learn more at travelandleisureco.com.This press release includes forward-looking statements as that term is defined by the Securities and Exchange Commission (SEC). Factors that might cause such a difference include, but are not limited to, risks associated with our ability to comply with financial and restrictive covenants under our indebtedness; our ability to access capital markets on reasonable terms, at a reasonable cost or at all; adverse economic conditions including inflation and higher interest rates; and those other factors disclosed as risks under Risk Factors in documents we have filed with the SEC, including in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 21, 2024. Except as required by law, we undertake no obligation to review or update these forward-looking statements to reflect events or circumstances as they occur.