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Oravel readies launch of $600 million term loan B for Friday
By Sara Rosenberg
New York, May 20 – Oravel Stays Private Ltd. is scheduled to hold a lender call at 11 a.m. ET on Friday to launch a $600 million five-year term loan B (B3), according to a market source.
JPMorgan Chase Bank and Deutsche Bank Securities Inc. are the leads on the deal.
Price talk on the term loan B is Libor plus 850 basis points with a 0.75% Libor floor and an original issue discount of 96 to 97, the source said.
The term loan is non-callable for two years, then at 107.5 in year three and 103 in year four.
Commitments are due at 5 p.m. ET on June 2, the source added.
Proceeds will be used to refinance existing debt and for general corporate purposes.
Oravel is an India-based provider of budget accommodations.
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