Travel & Leisure Co. (NYSE:TNL) has announced a $900 million offering of 6.250% senior secured notes due in 2031. This move aims to refinance existing debt, specifically to redeem its 6.625% secured notes due in July 2026 and to pay down borrowings under its revolving credit facility due in June 2030. The company anticipates that this refinancing will lower its interest expenses while maintaining a shareholder-friendly approach, as evidenced by its consistent share buybacks and dividend increases over the past four years. The new notes will carry interest payable semi-annually, starting on December 1, 2026. Additionally, the company confirmed that all conditions for the redemption of its 2026 notes have been met, with the redemption set for Friday. The indenture includes restrictions on incurring additional secured debt and customary event of default provisions. In related news, Wyndham Hotels & Resorts has declared a quarterly dividend of $0.43 per share and launched a ChatGPT application to enhance user experience.