---
schema_version: "secwatch.filing_event.v1"
accession: "0001361658-23-000284"
form_type: "8-K"
ticker: "TNL"
cik: "0001361658"
company_name: "Travel & Leisure Co."
filed_at: "2023-12-21T23:59:59+00:00"
generated_at: "2026-06-07T08:54:39.645369+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Travel + Leisure closes $598M term loan refinancing; rate lowered 75 bps

## Summary
- $298M refinanced the 2022 Incremental Term Loans; $300M new borrowings to repay 5.65% secured notes due April 2024.
- New term loans priced at SOFR + 3.25% plus 0.10% adjustment, 75 bps lower than prior facility.
- Maturity of the 2023 Term Loan B Facility is December 14, 2029.
- No prepayment penalty except 1% on repricing events in first six months.
- CFO Mike Hug said the transaction demonstrates strong investor appeal.

## SEC filing metadata
- accession: 0001361658-23-000284
- form_type: 8-K
- ticker: TNL
- cik: 0001361658
- company_name: Travel & Leisure Co.
- filed_at: 2023-12-21T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1361658/000136165823000284/0001361658-23-000284-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1361658/000136165823000284/wyn-20231220.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001361658-23-000284
- JSON: https://secwatch.observer/filing/0001361658-23-000284.json
- Plain text: https://secwatch.observer/filing/0001361658-23-000284.txt

## Key facts
- Debt Financings
  Travel & Leisure Co. incurred term loan of an aggregate principal amount of $297.75 million with Bank of America, N.A., as administrative agent at (a) Base Rate (which is the highest of Bank of America's prime rate, the federal maturing December 14, 2029.
  - Instrument: term loan
  - Principal: an aggregate principal amount of $297.75 million
  - Counterparty: Bank of America, N.A., as administrative agent
  - Rate: (a) Base Rate (which is the highest of Bank of America's prime rate, the federal
  - Maturity: December 14, 2029
  - Event: incurrence
  source text: The Fifth Amendment, among other things, established (i) term loans in an aggregate principal amount of $297.75 million to refinance the 2022 Incremental Term Loans under the Existing Credit Agreement (the "B-1 Refinancing Term Loans")
  evidence_url: https://www.sec.gov/Archives/edgar/data/1361658/000136165823000284/0001361658-23-000284-index.htm
- Debt Financings
  Travel & Leisure Co. incurred term loan of an aggregate principal amount of $300.0 million with Bank of America, N.A., as administrative agent at (a) Base Rate (which is the highest of Bank of America's prime rate, the federal maturing December 14, 2029.
  - Instrument: term loan
  - Principal: an aggregate principal amount of $300.0 million
  - Counterparty: Bank of America, N.A., as administrative agent
  - Rate: (a) Base Rate (which is the highest of Bank of America's prime rate, the federal
  - Maturity: December 14, 2029
  - Event: incurrence
  source text: and (ii) term loans in an aggregate principal amount of $300.0 million, which the Company expects to use together with available cash on hand and revolving credit facility borrowings to refinance the Borrower's senior secured notes due April 2024 and pay related fees and expenses (the "B-2 Refinancing Term Loans", and together with the B-1 Refinancing Term Loans, the "2023 Incremental Term Loan Facility")
  evidence_url: https://www.sec.gov/Archives/edgar/data/1361658/000136165823000284/0001361658-23-000284-index.htm
- Material Agreements
  Travel & Leisure Co. entered into Fifth Amendment with Bank of America, N.A. valued at $297.75 million (effective 2023-12-20).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Bank of America, N.A.
  - Value: $297.75 million
  - Effective: 2023-12-20
  source text: On December 20, 2023, Travel + Leisure Co. (the “Borrower”) entered into the Fifth Amendment (the “Fifth Amendment”) to that certain Credit Agreement, dated as of May 31, 2018, among the Borrower (f/k/a Wyndham Destinations, Inc.), the lenders from time to time party thereto, Bank of America, N.A., as administrative agent and the other parties thereto
  evidence_url: https://www.sec.gov/Archives/edgar/data/1361658/000136165823000284/0001361658-23-000284-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.