debt
confidence high
sentiment neutral
materiality 0.50
Travel+Leisure issues $650M of 4.50% senior secured notes due 2029 to refinance near-term debt
Travel & Leisure Co.
- Issued $650M aggregate principal of 4.50% senior secured notes due December 1, 2029.
- Proceeds plus cash on hand to redeem all of its 4.25% secured notes due March 2022.
- Notes rank equal with existing senior indebtedness, are secured, and are not guaranteed.
- Interest payable semi-annually beginning June 1, 2022; callable at make-whole prior to Sept 1, 2029.
- Change of control trigger requires repurchase at 101% of principal.