Travel + Leisure Co. amends $1B credit facility, extends maturity to 2030, reduces pricing

Travel & Leisure Co.

New $1B revolving credit facility matures June 2030, refinances prior facility due Oct 2026.
Spread on borrowings reduced by 25 bps; Term SOFR credit spread adjustment eliminated.
Minimum interest coverage ratio lowered from 2.50:1 to 2.00:1; SOFR floor cut to 0.00%.
Covenants expanded and incurrence baskets increased to provide greater flexibility.
CFO Erik Hoag says improved terms reflect business stability and strengthen balance sheet.

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