Hotelbeds allocates repriced term loan B and term loan C

By Sara Rosenberg

New York, Nov. 6 – Hotelbeds (HNVR Holdco Ltd.) allocated on Monday its €682.6 million covenant-light term loan B due September 2023 and €325 million covenant-light term loan C due September 2023, according to a market source.

Pricing on the loans is Euribor plus 325 basis points with a 0% floor and they were issued at par.

The loans include 101 soft call protection for one year.

During syndication, pricing on the loan was lowered from Euribor plus 350 bps and the call protection was extended from six months.

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

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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