Travel + Leisure to launch $300 million term loan on Monday

By Sara Rosenberg

New York, Dec. 2 – Travel + Leisure Co. is scheduled to hold a lender call at 10:30 a.m. ET on Monday to launch a $300 million seven-year incremental term loan, according to a market source.

JPMorgan Chase Bank is the left lead on the deal. BofA Securities Inc. is the administrative agent.

Price talk on the incremental term loan is SOFR+10 basis points CSA plus 425 bps to 450 bps with a 0.5% floor and an original issue discount of 97, the source said.

The term loan has 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on Thursday, the source added.

Proceeds will be used with cash on hand and revolving credit facility borrowings to refinance the company’s 3.9% notes due 2023.

Travel + Leisure is an Orlando, Fla.-based membership and leisure travel company.

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