Travel + Leisure Co. Successfully Executes $875 million Secured Term Loan B Facility Repricing and Refinancing Transaction
Travel + Leisure Co. (NYSE:TNL) has successfully closed the Sixth Amendment to its Credit Agreement, establishing an $875 million incremental term loan facility. The 2024 Term Loan B Facility, maturing on December 14, 2029, is priced at SOFR plus 250 basis points at par.
The new facility replaces and reprices $593 million of outstanding borrowings under the 2023 incremental term loan B facility and refinances $282 million of outstanding borrowings under the 2018 term loan B facility. The transaction will generate annual interest savings of nearly $5 million with no original issue discount.
Travel + Leisure Co. (NYSE:TNL) ha concluso con successo il Sesto Emendamento al proprio Accordo di Credito, stabilendo una linea di prestito incrementale di 875 milioni di dollari. La 2024 Term Loan B Facility, che scade il 14 dicembre 2029, ha un tasso di interesse pari a SOFR più 250 punti base a parità.
La nuova struttura sostituisce e riprezza 593 milioni di dollari di prestiti in essere sotto la struttura di prestito incrementale del 2023 e rifinanzia 282 milioni di dollari di prestiti in essere sotto la struttura di prestito del 2018. La transazione genererà risparmi annuali sugli interessi di quasi 5 milioni di dollari senza alcuno sconto sull'emissione originale.
Travel + Leisure Co. (NYSE:TNL) ha cerrado con éxito la Sexta Enmienda a su Acuerdo de Crédito, estableciendo una facilidad de préstamo a plazo incremental de 875 millones de dólares. La 2024 Term Loan B Facility, que vence el 14 de diciembre de 2029, tiene un precio de SOFR más 250 puntos básicos a la par.
La nueva facilidad reemplaza y revaloriza 593 millones de dólares de préstamos pendientes bajo la facilidad de préstamo incrementale de 2023 y refinancia 282 millones de dólares de préstamos pendientes bajo la facilidad de préstamo de 2018. La transacción generará ahorros anuales en intereses de casi 5 millones de dólares sin ningún descuento por emisión original.
Travel + Leisure Co. (NYSE:TNL)는 신용 계약의 여섯 번째 개정안을 성공적으로 마감하여 8억 7500만 달러의 증분 만기 대출 시설을 설정했습니다. 2024 Term Loan B Facility는 2029년 12월 14일 만료되며, SOFR에 250bp를 더한 가격으로 설정됩니다.
새로운 시설은 2023년 증분 대출 B 시설 하의 5억 9300만 달러의 미결제 대출을 대체하고, 2018년 대출 B 시설 하의 2억 8200만 달러의 미결제 대출을 재융자합니다. 이번 거래를 통해 연간 약 500만 달러의 이자 절감효과를 가져오며, 원래 발행 할인은 없습니다.
Travel + Leisure Co. (NYSE:TNL) a réussi à conclure le Sixième Amendement de son Accord de Crédit, établissant une facilité de prêt à terme incrémentielle de 875 millions de dollars. La 2024 Term Loan B Facility, qui arrivera à échéance le 14 décembre 2029, est fixée à SOFR plus 250 points de base à la parité.
La nouvelle facilité remplace et réévalue 593 millions de dollars de prêts en cours dans le cadre de la facilité de prêt à terme incrémentielle de 2023 et refinance 282 millions de dollars de prêts en cours dans le cadre de la facilité de prêt de 2018. La transaction générera des économies d'intérêts annuelles de près de 5 millions de dollars sans aucun rabais sur l'émission originale.
Travel + Leisure Co. (NYSE:TNL) hat erfolgreich die Sechste Änderung ihres Kreditvertrags abgeschlossen und eine aufgestockte Terminkreditfazilität in Höhe von 875 Millionen Dollar eingerichtet. Die 2024 Term Loan B Facility, die am 14. Dezember 2029 fällig wird, wird zu SOFR plus 250 Basispunkten zum Nominalpreis angeboten.
Die neue Fazilität ersetzt und passt 593 Millionen Dollar ausstehenden Kredite aus der 2023 Term Loan B Fazilität an und refinanziert 282 Millionen Dollar ausstehenden Kredite aus der 2018 Term Loan B Fazilität. Die Transaktion wird jährliche Zinsersparnisse von fast 5 Millionen Dollar ohne ursprünglichen Emissionsrabatt generieren.
- Successful refinancing of $875 million term loan facility
- Extension of maturity date to December 2029
- Annual interest savings of approximately $5 million
- No original issue discount on the transaction
- Strong investor demand indicating market confidence
- None.
Insights
The successful
This refinancing is strategically timed to take advantage of favorable market conditions before potential rate movements. By extending the maturity of the
“We are very pleased with the transaction results. 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
About Travel + Leisure Co.
Travel + Leisure Co. (NYSE: TNL) is the world’s leading membership and leisure travel company, providing more than six million vacations to travelers every year. The company operates a portfolio of vacation ownership, travel club, and lifestyle travel brands designed to meet the needs of the modern leisure traveler, whether they’re traveling the world or staying a little closer to home. With hospitality and responsible tourism at its heart, the company’s 19,000+ dedicated associates around the globe help the company achieve its mission to put the world on vacation. Learn more at travelandleisureco.com.
Forward-Looking Statements
This press release includes “forward-looking statements” as that term is defined by the Securities and Exchange Commission (“SEC”). Forward-looking statements are any statements other than statements of historical fact, including statements regarding our expectations about future interest savings. Forward-looking statements are subject to risks and uncertainties that could cause actual results of Travel + Leisure Co. and its subsidiaries (“Travel + Leisure Co.” or “we”) to differ materially from those discussed in, or implied by, the forward-looking statements. 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. We caution readers that any such statements are based on currently available operational, financial and competitive information, and they should not place undue reliance on these forward-looking statements, which reflect management’s opinion only as of the date on which they were made. 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.
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Investor Contact:
Travel + Leisure, Investor Relations
IR@travelandleisure.com
(407) 626-4050
Media Contact:
Steven Goldsmith
Public Relations
(407) 626-5882
Media@travelandleisure.com
Source: Travel + Leisure Co.
FAQ
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