Hotelbeds launches €400 million term B at Euribor plus 450-475 bps

By Sara Rosenberg

New York, March 12 – Hotelbeds (HNVR Holdco Ltd.) launched on Tuesday its €400 million incremental covenant-lite term loan B due September 2025 with price talk of Euribor plus 450 basis points to 475 bps with a 0% floor and an original issue discount of 99.5, according to a market source.

The incremental term loan has 101 soft call protection for six months.

HSBC and Morgan Stanley Senior Funding Inc. are the physical bookrunners on the deal. UniCredit is the administrative agent.

Proceeds will be used with €100 million of cash on hand to fund a shareholder distribution.

Commitments are due on March 20.

Hotelbeds is an independent B2B accommodations distributor.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.