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The latest announcement is out from Travel + Leisure Co ( (TNL) ).
On May 20, 2026, Travel + Leisure Co. entered into a fifth supplemental indenture with U.S. Bank Trust Company to issue $900 million of 6.250% senior secured notes due 2031, with interest payable semi-annually beginning December 1, 2026. The company plans to use the proceeds to redeem its 6.625% secured notes due July 2026, repay borrowings under its secured revolving credit facility due June 2030, and for general corporate purposes, potentially lowering interest costs and extending its debt maturity profile.
The new notes rank equally with the company’s existing senior indebtedness, are secured by collateral that gives them priority over unsecured and junior lien claims to that extent, and are not currently guaranteed by subsidiaries. The indenture includes optional redemption features, change-of-control repurchase provisions, and covenants limiting secured debt and sale-leaseback transactions, while also setting out customary events of default that allow acceleration of the notes if triggered.
On May 20, 2026, the company confirmed that conditions for redeeming its 2026 notes under a prior conditional notice had been satisfied. As a result, all of the 2026 notes are scheduled to be redeemed on May 22, 2026, which will shift a portion of its capital structure into the newly issued 2031 notes and reduce near-term refinancing risk.
The most recent analyst rating on (TNL) stock is a Buy with a $78.00 price target. To see the full list of analyst forecasts on Travel + Leisure Co stock, see the TNL Stock Forecast page.
Spark’s Take on TNL Stock
According to Spark, TipRanks’ AI Analyst, TNL is a Neutral.
Overall score reflects solid cash generation and constructive earnings-call guidance/capital return actions, offset by a high-risk capital structure (negative equity and high debt) and weak current technical momentum; valuation (moderate P/E and ~3.47% yield) is supportive but secondary.
To see Spark’s full report on TNL stock, click here.
More about Travel + Leisure Co
Travel + Leisure Co. operates in the travel and leisure industry, focusing on providing vacation experiences and related services through a portfolio of brands and products. The company finances its operations and growth through a mix of secured notes and revolving credit facilities, reflecting an active presence in the corporate debt markets.
Average Trading Volume: 805,992
Technical Sentiment Signal: Buy
Current Market Cap: $3.9B
See more data about TNL stock on TipRanks’ Stock Analysis page.