Travel + Leisure Co. Completes $350 Million Term Securitization

ORLANDO, Fla.--(BUSINESS WIRE)-- Travel + Leisure Co. (NYSE:TNL) announced today that it has completed a term securitization transaction involving the issuance of $350 million in principal amount of asset-backed notes with an overall weighted average coupon of 5.66%. The advance rate for this transaction was 95.25%.

“Our first public term offering of the year received considerable interest from the investment community, which led to strong execution and a blended interest rate of 112 basis points below our October 2023 transaction and an increase in the advance rate of 350 basis points,” said Mike Hug, Chief Financial Officer of Travel + Leisure Co.

Sierra Timeshare 2024-1 Receivables Funding LLC issued $143 million of Class A Notes, $90 million of Class B Notes, $85 million of Class C Notes, and $32 million of Class D Notes. The Class A Notes have a coupon of 5.15%, the Class B Notes have a coupon of 5.35%, the Class C Notes have a coupon of 5.94%, and the Class D Notes have a coupon of 8.02%.

Sierra Timeshare 2024-1 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.

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Investor Contact:

Kendrick Calilao

Investor Relations

(407) 626-4050

IR@travelandleisure.com



Media Contact:

Steven Goldsmith

Public Relations

(407) 626-5882

Steven.Goldsmith@travelandleisure.com

Source: Travel + Leisure Co.