Orbitz Worldwide increases term loan C amount to $300 million

By Sara Rosenberg

New York, March 15 - Orbitz Worldwide Inc. upsized its six-year term loan C to $300 million from $250 million, according to market sources.

Pricing on the term loan C was left at Libor plus 675 basis points with a 1.25% Libor floor and an original issue discount of 99.

However, the repricing protection on the term loan C was revised to 101 for one year, from 102 in year one and 101 in year two, sources said.

The company's now $500 million credit facility (B+), up from $450 million, also includes a $50 million revolver and a $150 million 41/2-year term loan B.

Pricing on the term loan B is Libor plus 600 bps with a 1.25% Libor floor and an original issue discount of 99.

The B loan also saw its repricing protection changed to 101 for one year, from 102 in year one and 101 in year two, sources said.

Amortization on the term loan B is 10% per annum, while the term loan C amortizes at a rate of 1% per annum.

Covenants include first-lien leverage and interest coverage ratios.

Recommitments were due at 4p.m. ET on Friday, sources added.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Proceeds will be used to refinance existing debt and for general corporate purposes, and the funds from the term loan C upsizing will be put into a restricted account to collaterize letters-of-credit against.

Orbitz is a Chicago-based online travel agency.

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