Loan & DebtMay 11, 2026, 05:17 PM
Travel + Leisure Prices $900M Senior Secured Notes at 6.250%
AI Summary
Travel + Leisure Co. announced the pricing of a private offering of $900 million aggregate principal amount of 6.250% senior secured notes due 2031. The offering is expected to close on May 20, 2026. The company intends to use the net proceeds to redeem all of its outstanding 6.625% secured notes due July 2026 and to repay borrowings under its revolving credit facility, with any remaining funds for general corporate purposes.
Key Highlights
- Travel + Leisure Co. priced $900 million aggregate principal amount of senior secured notes due 2031.
- The new notes will bear interest at 6.250% per year, payable semi-annually.
- The offering is expected to close on May 20, 2026.
- Net proceeds will redeem all outstanding 6.625% secured notes due July 2026 ($650 million).
- Proceeds will also repay outstanding borrowings under its revolving credit facility.
- Remaining proceeds will be used for general corporate purposes.
- The 2026 Notes redemption is conditioned upon the consummation of the offering.