The high-yield notes are due 2033

Davis Polk advised the representative of the initial purchasers on a Rule 144A / Regulation S offering by Travel + Leisure Co. of $500 million aggregate principal amount of its 6.125% senior secured notes due 2033. The proceeds will be used to redeem all of the company’s outstanding notes due 2025 and repay its existing debt under its revolving credit facility, with the remainder, if any, for general corporate purposes.

Travel + Leisure is the world’s leading vacation ownership and membership travel company. The company provides vacation experiences and travel inspiration to millions of owners, members and subscribers through its diverse portfolio of products and services.

The Davis Polk capital markets team included partner Derek Dostal and associate Fei Deng. The finance team included partner Christopher Nairn-Kim, counsel Demian von Poelnitz and Esam (Esamadeen) Ibrahim and associates Catrell D. Jewel and Kimberly Liu. Counsel Christopher A. Baratta and associates Dmitry Dobrovolskiy and Summer Elbardissy provided tax advice. All members of the Davis Polk team are based in the New York office.

Copy link to share post