Investor demand continues to be strong as witnessed by solid oversubscription levels.
ORLANDO, FLA. – Travel + Leisure Co. announced that it has completed a term securitization transaction involving the issuance of $300 million in principal amount of asset-backed notes with an overall weighted average coupon of 6.72%. Sierra Timeshare 2023-2 Receivables Funding LLC issued $123 million of Class A Notes, $77 million of Class B Notes, $63 million of Class C Notes, and $37 million of Class D Notes. The Class A Notes have a coupon of 5.80%, the Class B Notes have a coupon of 6.28%, the Class C Notes have a coupon of 7.30%, and the Class D Notes have a coupon of 9.72%. The advance rate for this transaction was 91.7%.
“Investor demand continues to be strong as witnessed by solid oversubscription levels. We are excited about the closing of this transaction, its terms, and the enhancement it provides to our liquidity position.” says company.
“This transaction once again demonstrates the strength of our business model and our ability to continue to access capital,” said Mike Hug, Chief Financial Officer of Travel + Leisure Co. “Investor demand continues to be strong as witnessed by solid oversubscription levels. We are excited about the closing of this transaction, its terms, and the enhancement it provides to our liquidity position.”
Sierra Timeshare 2023-2 Receivables Funding LLC is an indirect subsidiary of Travel + Leisure Co. The transaction was completed in reliance upon Rule 144A and Regulation S as a placement of securities not registered under the Securities Act of 1933, as amended, or any state securities law. All of such securities having been sold, this announcement of their sale appears as a matter of record only.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
