DEBT (Tables)

3 Months Ended

Mar. 31, 2025

The following table provides detail on our debt balances, net of unamortized debt discount and issuance costs.


($ in millions)		At March 31, 2025		At December 31, 2024
Corporate Credit Facility
	Term Loan(1)	$	794	$	796
	Unamortized debt discount and issuance costs	(10)		(10)
		784		786





	Revolving Corporate Credit Facility(2)	190		125
	Unamortized debt issuance costs	(5)		(3)
		185		122
Senior Unsecured Notes
	2028 Notes	350		350
	Unamortized debt discount and issuance costs	(2)		(2)
		348		348

	2029 Notes	500		500
	Unamortized debt discount and issuance costs	(4)		(4)
		496		496
Convertible Notes
	2026 Convertible Notes	575		575
	Unamortized debt issuance costs	(3)		(3)
		572		572

	2027 Convertible Notes	575		575
	Unamortized debt issuance costs	(8)		(9)
		567		566

Finance Leases		199		199


		$	3,151	$	3,089

(1)The effective interest rate as of March 31, 2025 was 6.6%.
(2)The effective interest rate as of March 31, 2025 was 5.8%.

The following table shows anticipated future principal payments for our securitized debt as of March 31, 2025.


	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility(1)		Total
($ in millions)
Payment Year
2025, remaining	$	142	$	12	$	154
2026	167		16		183
2027	170		287		457
2028	170		—		170
2029	168		—		168
Thereafter	1,039		—		1,039
	$	1,856	$	315	$	2,171

(1)Excludes future Warehouse Credit Facility renewals.

The following table shows scheduled principal payments for our debt, excluding finance leases, as of March 31, 2025.


	Payments Year
($ in millions)	Remaining 2025		2026		2027		2028		2029		Thereafter		Total
Term Loan	$	6	$	8	$	8	$	8	$	8	$	756	$	794

Revolving Corporate Credit Facility	—		—		—		—		—		190		190
2028 Notes	—		—		—		350		—		—		350
2029 Notes	—		—		—		—		500		—		500
2026 Convertible Notes	—		575		—		—		—		—		575
2027 Convertible Notes	—		—		575		—		—		—		575
	$	6	$	583	$	583	$	358	$	508	$	946	$	2,984

The following table provides the components of interest expense related to the 2027 Convertible Notes.


	Three Months Ended
($ in millions)	March 31, 2025		March 31, 2024
Contractual interest expense	$	4	$	4
Amortization of debt issuance costs	1		1
	$	5	$	5