Travel + Leisure prices $300M timeshare securitization at 6.18%
What's the deal? Sierra Timeshare 2026-3 Receivables Funding LLC, an indirect subsidiary of Travel + Leisure Co.Dealroom has a profile for this one. Try Dealroom →, completed a $300 million term securitization of asset-backed notes. The deal, announced on October 14, 2026, carried an overall weighted average coupon of 6.18%.
The structure: The transaction spanned four tranches — $137 million of Class A notes at 5.71%, $50 million of Class B at 5.81%, $62 million of Class C at 6.15%, and $51 million of Class D at 7.85%. The advance rate was 98.00%.
How it was placed: The notes were sold under Rule 144A and Regulation S, meaning they were not registered under the Securities Act of 1933 or any state securities law. That route limits the offering to qualified institutional buyers and offshore investors rather than the public market.
Why it matters: Securitizing timeshare receivables lets Travel + Leisure convert consumer loans tied to its vacation-ownership business into upfront cash. It is a recurring funding tool for the company, which taps the asset-backed market to finance operations and manage its loan portfolio.
The signal: The 6.18% weighted average coupon — and the 7.85% paid on the riskiest Class D tranche — reflects the cost of funding consumer credit in the current rate environment. Investor appetite for the deal, at a 98% advance rate, shows the market remains open to timeshare-backed paper despite elevated borrowing costs.
Read more: ae.marketscreener.com
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