Orbitz Worldwide launches $450 million term loan at Libor plus 375 bps

By Sara Rosenberg

New York, March 31 - Orbitz Worldwide Inc. launched on Monday its $450 million seven-year first-lien term loan with price talk of Libor plus 375 basis points with a 1% Libor floor and an original issue discount of 991/2, according to a market source.

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

The company's $525 million credit facility also provides for a $75 million revolver.

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

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

Commitments are due on April 10.

Orbitz is a Chicago-based online travel agency.

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