Priceline.com enters into up to $1 billion revolving line of credit

By Jennifer Chiou

New York, Nov. 1 - Priceline.com Inc. entered into a credit agreement on Oct. 28 with JPMorgan Chase Bank, NA as lender and administrative agent, providing for an up to $1 billion revolving line of credit, according to an 8+K filing with the Securities and Exchange Commission.

Bank of America, NA and Wells Fargo Bank, NA are lenders and co-syndication agents with RBS Citizens, NA as lender and documentation agent and Citibank, NA, Deutsche Bank AG, New York Branch and Morgan Stanley Bank, NA as lenders and senior managing agents, the filing said.

J.P. Morgan Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Inc. and Wells Fargo Securities, LLC are the joint bookrunners and lead arrangers.

The agreement terminates on Oct. 28, 2016 and provides for up to $100 million of letters of credit as well as swingline loans, which are available in dollars, euros, pounds and any other foreign currency agreed upon by the agent and lenders.

Priceline may request that an additional $250 million be added to the revolver in one or more tranches.

Borrowings under loan will bear interest at Libor plus 100 basis points to 150 bps.

Proceeds will go toward working capital and general corporate purposes, but the company noted that it has no immediate plans to draw upon the revolver.

Priceline is a Norwalk, Conn.-based online travel agency.

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