Orbitz cuts spread on $450 million term loan to Libor plus 350 bps

By Sara Rosenberg

New York, April 10 - Orbitz Worldwide Inc. lowered pricing on its $450 million seven-year first-lien term loan to Libor plus 350 basis points from Libor plus 375 bps, according to a market source.

Also, the original issue discount on the term loan was tightened to 99¾ from 991/2, the source said.

The term loan still has a 1% Libor floor, 101 soft call protection for six months and a maximum first-lien leverage ratio.

The company's $525 million credit facility (B2/BB-) also provides for a $75 million revolver.

Recommitments were due at noon ET on Thursday, the source added.

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.

Orbitz is a Chicago-based online travel agency.

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