We advised the initial purchasers on the high-yield notes offering

Davis Polk advised the representative of the initial purchasers on a Rule 144A / Regulation S offering by Travel + Leisure Co. of $900 million aggregate principal amount of its 6.250% senior secured notes due 2031. The proceeds will be used to redeem all of the company’s outstanding notes due 2026 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 associates Fei Deng and Muxuan (Muriel) Wang. The finance team included partner Christopher Nairn-Kim, counsel Esam (Esamadeen) Ibrahim and associate Kimberly Liu. Counsel Dustin Plotnick and associates Jenna Battaglia and Summer Elbardissy provided tax advice. Counsel Michael Comstock provided environmental advice. All members of the Davis Polk team are based in the New York office.

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