Travel + Leisure Co. announced the closing of the Eighth Amendment to its Credit Agreement, establishing new pricing terms for $869 million of outstanding borrowings.
The repricing reduces the applicable interest rate on the Term Loan B Facility by 50 basis points.
This transaction reflects the strength of their business model and aims to enhance financial flexibility.
Repricing Details
Interest rate on the Term Loan B Facility reduced by 50 basis points from SOFR plus 2.50% to SOFR plus 2.00%.
Maturity Date
The maturity date for the 2024 Term Loan B Facility remains December 14, 2029.
Business Model Strength
The repricing reflects the confidence lenders have in Travel + Leisure Co.'s long-term performance.
- Reducing the cost of capital enhances financial flexibility and supports disciplined growth and value creation.
- The consistent improvement in their credit profile adds to the positive impact of the repricing.
The successful execution of the $869 million Secured Term Loan B Facility repricing showcases Travel + Leisure Co.'s commitment to enhancing financial performance and long-term value creation in the leisure travel industry.