Travel & Leisure launches $900M 6.25% secured notes due 2031 to refinance 2026 debt

Travel & Leisure launched a $900 million private offering of 6.250% senior secured notes due 2031 to refinance near-term debt.

Key Highlights:

• Priced $900M of 6.250% senior secured notes due June 1, 2031; offering expected to close May 20, 2026.
• Net proceeds intended to redeem up to $650M of outstanding 6.625% secured notes due July 2026; redemption conditioned on closing.
• Proceeds also earmarked to repay borrowings under secured revolving credit facility and for general corporate purposes.
• Interest payable semi‑annually; notes offered to qualified institutional buyers under Rule 144A and to non‑U.S. persons under Regulation S.

Original SEC Filing: Travel & Leisure Co. [ TNL ] – 8-K – May. 11, 2026