NYSE:TNLHospitality
Travel + Leisure (TNL): Assessing Fair Value After $500M Debt Refinancing Move
This week, Travel + Leisure (TNL) made a noteworthy move in its balance sheet playbook by issuing $500 million in senior secured notes, set to mature in 2033 with an interest rate just below 6.2%. The fresh capital is earmarked primarily to retire older 6.6% notes due next year and reduce borrowing from existing credit facilities. For investors, these steps suggest management is working to lower the company’s interest expenses and stretch out repayment timelines. This approach may free up...