Travel + Leisure Co. Announces Closing of $300 Million Secured Term Loan B Financing
Travel + Leisure Co. (NYSE:TNL) announced today the closing of the third amendment (the "Third Amendment") to its existing Credit Agreement. The Third Amendment provides for an incremental term loan B of $300 million, which will mature on December 14, 2029 (the "Term Loan B").
The Company expects to use the net proceeds from the Term Loan B, available cash on hand and revolving credit facility borrowings, to redeem, repurchase or repay its outstanding $400 million 3.90% secured notes due March 2023, and to pay related fees and expenses.
The Term Loan B bears interest, at the Company's option, at a rate of (a) Base Rate (which is the highest of Bank of America's prime rate, the federal fun
