Orient-Express sets U.S. and euro term loan price talk with launch

By Sara Rosenberg

New York, March 4 - Orient-Express Hotels Interfin Ltd. came out with price talk on its $345 million seven-year covenant-light term loan and €150 million seven-year covenant-light term loan with its New York bank meeting on Tuesday, according to a market source.

The U.S term loan is talked at Libor plus 350 basis points with a 1% Libor floor and an original issue discount of 991/2, and the euro term loan is talked at Euribor plus 375 bps with a 1% floor and a discount of 991/2, the source said.

Also, the term loans have 101 soft call protection for six months.

The company's credit facility (BB) includes a $105 million five-year multi-currency revolver as well.

A bank meeting for European investors will take place at 4 a.m. ET in London on Thursday.

Barclays and J.P. Morgan Securities LLC are the joint bookrunners on the deal.

Proceeds will be used to refinance the company's existing capital structure.

Commitments are due on March 18, the source added.

Senior secured and total leverage are 5.5 times and net leverage is 4.2 times.

Orient-Express is an operator of luxury hotels, restaurants, trains, cruises and safaris.

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