Travel + Leisure (TNL) said Wednesday it completed a term securitization transaction, issuing $350 million of asset-backed notes with an overall weighted average coupon of 5.20%.
The advance rate for the transaction was 98%, the company said.
The company's indirect subsidiary Sierra Timeshare 2025-1 Receivables Funding issued $171 million of class A Notes, $71 million of class B Notes, $71 million of class C Notes, and $37 million of class D Notes.
The class A Notes have a coupon of 4.81%, the class B Notes have a coupon of 5.10%, the class C Notes have a coupon of 5.39%, and the class D Notes have a coupon of 6.86%, the company said.
Price: 47.29, Change: +0.66, Percent Change: +1.42
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