Travel + Leisure Co. Completes $300 Million Term Securitization
The Floridant/10249116

ORLANDO, Fla. ~ Travel + Leisure Co. (NYSE:TNL) has successfully completed a term securitization transaction involving the issuance of $300 million in principal amount of asset-backed notes with an overall weighted average coupon of 6.78%. The advance rate for this transaction was 91.75%.

Mike Hug, Chief Financial Officer of Travel + Leisure Co., expressed his satisfaction with the successful completion of the third term securitization of 2023, which totaled $850 million in principal amount. He said, "This issuance demonstrates confidence in the quality and dependability of our vacation ownership business."

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The notes were issued by Sierra Timeshare 2023-3 Receivables Funding LLC and included $123 million of Class A Notes with a coupon of 6.10%, $79 million of Class B Notes with a coupon of 6.44%, $64 million of Class C Notes with a coupon of 7.12%, and $34 million of Class D Notes with a coupon of 9.44%.

The transaction was completed in reliance upon Rule 144A and Regulation S as a placement of securities not registered under the Securities Act or any state securities law. All securities have been sold, making this announcement appear as a matter record only.

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