Orbitz Worldwide to launch $525 million credit facility on Monday

By Sara Rosenberg

New York, March 28 - Orbitz Worldwide Inc. is set to hold a bank meeting at 1:30 p.m. ET in New York on Monday to launch a $525 million credit facility, according to a market source.

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

The facility consists of a $75 million revolver and a $450 million seven-year first-lien term loan, the source said.

Included in the term loan is 101 soft call protection for six months and a maximum first-lien leverage ratio.

Proceeds will be used to refinance existing term loan B and term loan C borrowings.

Commitments are due on April 10, the source added.

Orbitz is a Chicago-based online travel agency.

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