Hotelbeds finalizes €400 million term loan B at Euribor plus 450 bps

By Sara Rosenberg

New York, March 21 – Hotelbeds (HNVR Holdco Ltd.) firmed pricing on its €400 million incremental covenant-lite term loan B (B2/B) due September 2025 at Euribor plus 450 basis points, the low end of the Euribor plus 450 bps to 475 bps talk, according to a market source.

Also, the issue price on the incremental term loan was tightened to par from 99.5, the source said.

The incremental term loan still has a 0% floor and 101 soft call protection for six months.

HSBC and Morgan Stanley Senior Funding Inc. are the physical bookrunners on the deal. Bank of America Merrill Lynch, Bank of Ireland, BBVA, Citigroup, Deutsche Bank, Goldman Sachs and UniCredit are the bookrunners. UniCredit is the administrative agent.

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

Unconditional commitments were scheduled to be due at noon ET on Thursday, the source added.

With this transaction, the company’s existing loan tranches are being repriced to Euribor plus 425 bps.

Hotelbeds is an independent B2B accommodations distributor.

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