Travel Leaders to launch $185 million credit facility on Wednesday

By Sara Rosenberg

New York, Nov. 5 - Travel Leaders Group LLC is scheduled to hold a bank meeting at 2:30 p.m. ET in New York on Wednesday to launch a $185 million credit facility, according to market sources.

UBS Securities LLC and Jefferies Finance LLC are the bookrunners on the deal.

The facility consists of a $15 million five-year revolver and a $170 million six-year term loan B, sources said.

The term loan B is talked with a 1% Libor floor, 101 soft call protection and amortization of 1% per annum, the source continued.

Covenants include a maximum leverage ratio.

Proceeds will be used to fund the acquisition of the company.

Travel Leaders is a Plymouth, Minn.-based travel agency company.

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