Orbitz sets Friday launch for $800 million credit facility

By Sara Rosenberg

New York, June 28 - Orbitz Worldwide Inc. has scheduled a bank meeting for Friday to launch its proposed $800 million senior secured credit facility, according to a market source.

UBS and Credit Suisse are the lead banks on the deal, with UBS the left lead.

The facility consists of a $600 million seven-year term loan, a $125 million six-year synthetic letter-of-credit facility and a $75 million six-year revolver.

The deal is being done in connection with the company's initial public offering of common stock.

Proceeds from the credit facility, along with IPO proceeds, will be used to fund a dividend to parent company Travelport Ltd.

Travelport plans to use the proceeds from the payment to repay a portion of its senior credit facility debt.

Orbitz is a Chicago-based online travel company.

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