Travel + Leisure Co. Enters Material Definitive Agreement

TL;DR

TNL just signed a big deal, creating a new financial obligation.

AI Summary

On December 10, 2024, Travel + Leisure Co. entered into a material definitive agreement, creating a direct financial obligation. The company, formerly known as Wyndham Destinations, Inc., is headquartered in Orlando, Florida.

Why It Matters

This filing indicates a significant new financial commitment or obligation for Travel + Leisure Co., which could impact its financial standing and future operations.

Risk Assessment

Risk Level: medium — Entering into a material definitive agreement and creating a direct financial obligation can introduce new risks related to the terms of the agreement and the company's ability to meet its obligations.

Key Players & Entities

• Travel + Leisure Co. (company) — Registrant
• Wyndham Destinations, Inc. (company) — Former company name
• December 10, 2024 (date) — Date of earliest event reported
• 6277 Sea Harbor Drive Orlando Florida 32821 (address) — Principal Executive Offices

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value per share TNL New York Stoc
• $875 million — ans in an aggregate principal amount of $875 million (the "2024 Term Loan B Facility"), the
• $593 million — hand, were used to replace and reprice $593 million of outstanding borrowings under the Com
• $282 million — 23 Term Loan B Facility") and refinance $282 million of outstanding borrowings under the Com

Filing Documents

• wyn-20241210.htm (8-K) — 32KB
• tnl-sixthamendmenttocredit.htm (EX-10.1) — 2332KB
• pressrelease-tl875mtermloa.htm (EX-99.1) — 8KB
• image_0.jpg (GRAPHIC) — 8KB
• 0001361658-24-000222.txt ( ) — 2865KB
• wyn-20241210.xsd (EX-101.SCH) — 2KB
• wyn-20241210_lab.xml (EX-101.LAB) — 21KB
• wyn-20241210_pre.xml (EX-101.PRE) — 12KB
• wyn-20241210_htm.xml (XML) — 3KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. On December 10, 2024, Travel + Leisure Co. (the "Borrower") entered into the Sixth Amendment (the "Sixth Amendment") to that certain Credit Agreement, dated as of May 31, 2018, among the Borrower, the lenders from time to time party thereto, Bank of America, N.A., as administrative agent and the other parties thereto (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "Credit Agreement"). The Sixth Amendment, among other things, established term loans in an aggregate principal amount of $875 million (the "2024 Term Loan B Facility"), the net proceeds of which, together with cash on hand, were used to replace and reprice $593 million of outstanding borrowings under the Company's 2023 incremental term loan B facility (the "2023 Term Loan B Facility") and refinance $282 million of outstanding borrowings under the Company's 2018 term loan B facility due May 31, 2025 (the "2018 Term Loan B Facility") and to pay related fees and expenses. The 2024 Term Loan B Facility matures on December 14, 2029, which is consistent with the prior maturity date of the 2023 Term Loan B Facility. The 2024 Term Loan B Facility has substantially the same terms as the 2023 Term Loan B Facility, except, among other things, the 2024 Term Loan B Facility bears interest at the Borrower's option at a rate of (a) Base Rate (which is the highest of Bank of America's prime rate, the federal funds rate plus 0.50%, and the Term SOFR (as defined in the Credit Agreement) one month rate, plus an applicable rate of 1.50%, or (b) the Term SOFR rate, plus an applicable rate of 2.50% (subject to a floor of 0.50%). The SOFR Adjustment (as defined in the Credit Agreement) does not apply to either option. The 2024 Term Loan B Facility may be prepaid at any time, without prepayment premium or penalty, but is subject to a prepayment premium of 1.00% if a prepayment of the 2024 Term Loan B Facility is made i

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. On December 10, 2024, the Company issued a press release to announce the closing of the 2024 Term Loan B Facility. A copy of the press release is attached hereto as Exhibit 99.1. The information set forth under Item 7.01 of this Current Report shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by the Borrower under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. d) Exhibits. The following exhibit is furnished with this report: Exhibit No. Description 10.1 Sixth Amendment to Credit Agreement, dated December 10, 2024. 99.1 Press Release of Travel + Leisure Co. to Announce the Closing of the 2024 Term Loan B Facility, dated December 10, 2024. 104 Cover Page Interactive Data File (cover page XBRL tags are embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. TRAVEL + LEISURE CO. By: /s/ Thomas M. Duncan Name: Thomas M. Duncan Title: Chief Accounting Officer Date: December 10, 2024

View Full Filing

View this 8-K filing on SEC EDGAR