Expedia extends $1 billion revolver to 2019, amends covenants

By Angela McDaniels

Tacoma, Wash., Sept. 11 – Expedia, Inc. amended and restated its $1 billion revolving credit facility on Sept. 5 to extend the maturity to Sept. 5, 2019 from Nov. 8, 2017 and to make some changes to the covenants, according to an 8-K filing with the Securities and Exchange Commission.

Under the financial covenants, the company must not allow its leverage ratio to exceed 3.25 to 1.00 or its ratio of consolidated EBITDA to consolidated cash interest expend to be less than 3.25 to 1.00.

The interest rate is unchanged at Libor plus a margin that ranges from 112.5 basis points to 200 bps. The commitment fee remains 12.5 bps to 35 bps. Each depends on the company’s ratings.

Travelscape, LLC and Hotwire, Inc. are also borrowers under the facility.

JPMorgan Chase Bank, NA is the administrative agent. J.P. Morgan Europe Ltd. is the London agent.

Expedia is a Bellevue, Wash.-based online travel company.

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