Hotelbeds flexes term B, term loan C repricing to Euribor plus 325 bps

By Sara Rosenberg

New York, Nov. 3 – Hotelbeds (HNVR Holdco Ltd.) lowered pricing on its €682.6 million covenant-light term loan B due September 2023 and €325 million covenant-light term loan C due September 2023 to Euribor plus 325 basis points from talk of Euribor plus 350 bps, according to a market source.

Also, the 101 soft call protection on the term loans was extended to one year from six months, the source said.

As before, the term loans have a 0% floor and a par issue price.

HSBC and Morgan Stanley Senior Funding Inc. are the joint bookrunners on the deal.

Proceeds will be used to reprice existing term loan B and term loan C debt.

Hotelbeds is an independent B2B accommodations distributor.

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