Orbitz Worldwide to launch $450 million of term loans on Wednesday

By Sara Rosenberg

New York, May 14 - Orbitz Worldwide Inc. will hold a call at 10 a.m. ET on Wednesday to launch $450 million of term loans, according to a market source.

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

The debt consists of a $100 million term loan B due September 2017 and a $350 million term loan C due March 2019, the source said.

Price talk on the term loan B is Libor plus 375 basis points to 400 bps with a 1% Libor floor and a par offer, and talk on the term loan C is Libor plus 475 bps to 500 bps with a 1% floor and a par offer price, the source said.

Both term loans have 101 repricing protection for six months.

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

Proceeds will be used to reprice/refinance an existing $150 million term loan B due September 2017 that is priced at Libor plus 600 bps with a 1.25% Libor floor and a $300 million term loan C due March 2019 that is priced at Libor plus 675 bps with a 1.25% Libor floor.

Commitments are due on May 21, the source added.

Orbitz is a Chicago-based online travel agency.

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