Travel + Leisure Co. Successfully Amends Credit Agreement to Extend Maturity and Improve Terms of its $1 Billion Revolving Credit Facility

Business Wire

25-06-2025

ORLANDO, Fla.--(BUSINESS WIRE)-- Travel + Leisure Co. (NYSE:TNL) announced today the closing of the Seventh Amendment to its Credit Agreement, which established a new $1 billion revolving credit facility scheduled to mature in June 2030 on improved terms, refinancing the Company's previous $1 billion revolving credit facility that was scheduled to mature in October 2026.
The Seventh Amendment, among other things, reduces pricing spreads on borrowings and letters of credit by 25 basis points, eliminates a legacy Term SOFR credit spread adjustment, reduces the minimum interest coverage ratio, and reduces commitment fee pricing spread. In addition, the Seventh Amendment expands certain covenants and increases and resets certain incurrence baskets.
'We are incredibly pleased with the execution of this transaction, which reflects the stability of our business and the strength of our banking relationships. The improved repricing, greater flexibility, and maturity extension enhance our balance sheet and provides us with financial flexibility to continue to execute our growth strategy,' said Erik Hoag, Chief Financial Officer of Travel + Leisure Co.
About Travel + Leisure Co.
Travel + Leisure Co. (NYSE: TNL), is a leading leisure travel company, providing more than six million vacations to travelers around the world every year. The company operates a portfolio of vacation ownership, travel club, and lifestyle travel brands designed to meet the needs of the modern leisure traveler, whether they're traversing the globe or staying a little closer to home. With hospitality and responsible tourism at its heart, the company's nearly 19,000 dedicated associates around the globe help the company achieve its mission to put the world on vacation. Learn more at travelandleisureco.com.
Forward-Looking Statements
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