S&P rates Travel + Leisure loan BB-

S&P said it assigned BB- rating and 4 recovery rating to Travel + Leisure Co.'s planned incremental $300 million senior secured term loan B due 2029. The 4 recovery rating reflects average (30%-50%; rounded estimate: 45%) recovery in default.

The ratings are the same as S&P’s ratings on Travel + Leisure’s outstanding senior secured debt.

The company intends to use the loan to repay its $300 million of 5.65% senior secured notes outstanding due 2024.

“We view this transaction to be leverage neutral and in line with our published base-case forecast on T+L,” S&P said in a press release.

The outlook is stable.

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