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Get filing alertsTravel & Leisure issues $900M notes at 6.25% to refinance 2026 debt, extends maturity to 2031
Filed May 20, 2026 · Period ending May 20, 2026 · ~1 min read
Key Changes
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Issued $900 million in 6.250% senior secured notes due 2031, lowering interest rate from 6.625% on maturing 2026 notes while extending debt maturity by five years.
Item 1.01 verify on EDGAR → -
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Proceeds will redeem all outstanding 2026 notes (due July 2026), pay down revolving credit facility, and fund general corporate purposes—improving near-term debt maturity profile.
Item 1.01 verify on EDGAR → -
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Confirmed redemption of 2026 notes on May 22, 2026 after satisfying all conditions, completing the refinancing transaction within two days of issuance.
Item 8.01 verify on EDGAR → -
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New notes include change-of-control protection requiring company to repurchase at 101% of par if ownership changes, plus standard early redemption options starting June 2028.
Item 1.01 verify on EDGAR → -
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Indenture contains standard default triggers including missed payments, covenant breaches, and cross-defaults on other debt exceeding $100 million or 1.5% of total assets.
Item 1.01 verify on EDGAR →
Summary
Travel & Leisure Co. completed a $900 million debt refinancing, issuing new senior secured notes at 6.250% due 2031 to replace existing 6.625% notes maturing in July 2026. The transaction reduces annual interest expense by 37.5 basis points while extending the maturity profile by five years, providing greater financial flexibility.
The company will also use proceeds to pay down its revolving credit facility, strengthening its balance sheet ahead of the 2026 notes maturity. For retail investors, this is a positive housekeeping move that addresses near-term debt maturities at a lower cost of capital. The refinancing eliminates refinancing risk for the next five years and modestly reduces interest expense.
The notes include standard protections like change-of-control provisions requiring repurchase at 101% of par. The revolving credit paydown amount will also indicate how much financial flexibility the company is preserving.
Section-by-Section Diff
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
Prior to June 1, 2028, the Company will be entitled at its option to redeem all or a portion of the Notes at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus a “make-whole premium” plus any accrued and unpaid interest. At any time on or after June 1, 2028, the Company may redeem all or a portion of the Notes at certain redemption prices above their face amount plus any accrued and unpaid interest. On or after June 1, 2030 the Company will be able to redeem the Notes at par plus any accrued and unpaid interest.
The company can redeem the notes early with a make-whole premium before June 2028, at premium prices from June 2028 to June 2030, and at par thereafter. This provides flexibility to refinance if rates decline but protects noteholders with premiums in early years.
Added in current filing · verify on EDGAR →
Subject to certain limitations, in the event of a Change of Control Triggering Event (as defined in the Indenture), the Company will be required to offer to repurchase the Notes at a price of 101% of their principal amount plus accrued and unpaid interest, if any, to, but not including, the date of repurchase.
If a change of control occurs, the company must offer to buy back the notes at 101% of face value plus accrued interest. This protects noteholders from potential credit deterioration following an acquisition or ownership change.
Event · Item 2.03 — Creation of a Direct Financial Obligation
Travel & Leisure Co. created a direct financial obligation, with details incorporated by reference from Item 1.01.
Added in current filing · verify on EDGAR →
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information provided in Item 1.01 of this Current Report is incorporated by reference herein.
The company disclosed the creation of a direct financial obligation under Item 2.03. The specific details of this obligation are referenced in Item 1.01 of the same 8-K filing, which is not included in the provided text. This typically indicates new debt, credit facility, or similar financial commitment.
Event · Item 8.01 — Other Events
Item 8.01 — Other Events filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On May 20, 2026, the Company determined that all conditions precedent to the Company’s redemption (the “Redemption”) of its 2026 Notes pursuant to its Conditional Notice of Full Redemption issued on May 11, 2026 had been satisfied. Accordingly, the 2026 Notes will be redeemed on May 22, 2026.
Travel & Leisure Co. announced it will redeem its 2026 Notes on May 22, 2026, having satisfied all required conditions. This follows a conditional redemption notice issued on May 11, 2026. The redemption represents a voluntary debt retirement, reducing the company's outstanding debt obligations.
Event · Item 9.01 — Financial Statements and Exhibits
Travel + Leisure Co. issued 6.250% Notes due 2031 via a Fifth Supplemental Indenture dated May 20, 2026.
Added in current filing · verify on EDGAR →
Fifth Supplemental Indenture, dated May 20, 2026, between Travel + Leisure Co. and U.S. Bank Trust Company, National Association, as Trustee.
The company entered into a Fifth Supplemental Indenture on May 20, 2026, with U.S. Bank Trust Company as trustee. This indenture governs the issuance of new 6.250% Notes due 2031, representing a new debt instrument for the company. The filing does not disclose the principal amount or use of proceeds, but the creation of a supplemental indenture indicates a material financing transaction.
Added in current filing · verify on EDGAR →
Form of 6.250% Note due 2031 (included in Exhibit 4.2).
The company filed the form of its new 6.250% Notes due 2031 as part of the supplemental indenture. These notes carry a 6.250% coupon rate and mature in 2031, providing investors with the specific terms of the new debt security. The interest rate and maturity profile will affect the company's debt service obligations and capital structure over the next five years.
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Figures/quotes linked to EDGAR · Narrative written by AI · May 25, 2026 · How we verify