Travel + Leisure Co. (NYSE: TNL) reprices $869M 2024 term loan, keeps 2029 maturity

Rhea-AI Filing Summary

Travel + Leisure Co. entered into an Eighth Amendment to its Credit Agreement on December 10, 2025, repricing $869 million of outstanding borrowings under its 2024 term loan B facility. The 2024 Term Loan Facility continues to mature on December 14, 2029. After the amendment, the loan bears interest, at the company’s option, at a Base Rate plus 1.00% or at a Term SOFR rate plus 2.00%, with a 0.00% floor. The facility may be prepaid at any time without penalty, but a 1.00% premium applies if the loan is prepaid in connection with certain repricing events within the first six months after closing. The company also reported this as a direct financial obligation and furnished a press release announcing the closing of the amendment.

Insights

Corporate finance and credit markets analyst

Travel + Leisure reprices a large term loan, adjusting interest terms but keeping maturity unchanged.

The company amended its Credit Agreement through an Eighth Amendment that reprices $869 million of borrowings under its 2024 term loan B facility. The maturity date for this 2024 Term Loan Facility remains December 14, 2029, so the change focuses on pricing rather than extending or shortening the debt profile.

Following the amendment, the loan now bears interest at the borrower’s option at a Base Rate plus 1.00% or at a Term SOFR rate plus 2.00%, with a 0.00% floor. The facility can be prepaid at any time, though prepayments tied to certain repricing events within the first six months after the closing trigger a 1.00% premium, which discourages immediate further repricing activity.

The company also characterizes this as a direct financial obligation and issued a press release on December 10, 2025 to announce the closing. Future periodic reports may provide more detail on how the revised pricing affects interest expense over time.

FALSE0001361658Travel & Leisure Co.00013616582025-12-102025-12-10

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): December 10, 2025

Travel + Leisure Co.
(Exact name of registrant as specified in its charter)

Delaware			001-32876			20-0052541
(State or Other Jurisdiction of Incorporation)			(Commission File Number)			(IRS Employer Identification Number)

501 W. Church Street
Orlando			Florida			32805
(Address of Principal Executive Offices)						(Zip Code)
			(407)			626-5200
(Registrant’s telephone number, including area code)
None (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

    ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

    ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

    ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

    ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class			Trading Symbol			Name of each exchange on which registered
Common Stock, $0.01 par value per share			TNL			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01.     Entry into a Material Definitive Agreement.

On December 10, 2025, Travel + Leisure Co. (the “Borrower”) entered into the Eighth Amendment (the “Eighth 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 Eighth Amendment, among other things, repriced $869 million of outstanding borrowings under the Company’s 2024 term loan B facility (the “2024 Term Loan Facility”). The 2024 Term Loan Facility maturity date remains December 14, 2029.

The 2024 Term Loan Facility has substantially the same terms as the 2024 Term Loan Facility prior to the date of the Eighth Amendment, except, among other things, the 2024 Term Loan Facility:

•now 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 1.00% or (b) the Term SOFR rate, plus an applicable rate of 2.00% (subject to a floor of 0.00%); and

•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 is made in connection with certain “repricing events” at any time during the first six months after the closing date.

Capitalized terms used in this Current Report on Form 8-K (this “Current Report”) and not otherwise defined have the meaning ascribed to them in the Credit Agreement, and the description of the Eighth Amendment in this Current Report is a summary and is qualified in its entirety by reference to the complete terms of the Eighth Amendment included therein. The Eighth Amendment is filed hereto as Exhibit 10.1 and is incorporated by reference herein.

Item 2.03.     Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information provided in Item 1.01 of this Current Report is incorporated by reference herein.

Item 7.01.    Regulation FD Disclosure.

On December 10, 2025, the Borrower issued a press release to announce the closing of the Eighth Amendment. 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.

Item 9.01.    Financial Statements and Exhibits.

d) Exhibits. The following exhibit is furnished with this report:

Exhibit No.			Description
10.1			Eighth Amendment to Credit Agreement, dated December 10, 2025.
99.1			Press Release of Travel + Leisure Co. to Announce the Closing of the Eighth Amendment, dated December 10, 2025.
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, 2025

FAQ

What did Travel + Leisure Co. (TNL) announce in this 8-K?

Travel + Leisure Co. disclosed that it entered into an Eighth Amendment to its Credit Agreement, repricing $869 million of borrowings under its 2024 term loan B facility while keeping the maturity date at December 14, 2029.

How much of Travel + Leisure Co.'s debt was repriced under the 2024 term loan facility?

The Eighth Amendment repriced $869 million of outstanding borrowings under the company’s 2024 term loan B facility.

What are the new interest rate options on Travel + Leisure Co.'s 2024 Term Loan Facility?

The 2024 Term Loan Facility now bears interest, at the borrower’s option, at either (a) a Base Rate plus 1.00% or (b) a Term SOFR rate plus 2.00%, subject to a 0.00% floor.

Did the maturity date of Travel + Leisure Co.'s 2024 Term Loan Facility change?

No. The 2024 Term Loan Facility’s maturity date remains December 14, 2029 after the Eighth Amendment.

Can Travel + Leisure Co. prepay the repriced 2024 term loan without penalty?

Yes. The loan may be prepaid at any time without prepayment premium or penalty, except that a 1.00% premium applies if a prepayment occurs in connection with certain repricing events during the first six months after the closing date.

What additional disclosure did Travel + Leisure Co. provide about the Eighth Amendment?

The company identified the change as a direct financial obligation and furnished a press release dated December 10, 2025, as Exhibit 99.1 to announce the closing of the Eighth Amendment.