TravelClick to launch $230 million credit facility on Wednesday

By Sara Rosenberg

New York, Feb. 17 - TravelClick Inc. is scheduled to hold a bank meeting on Wednesday to launch a proposed $230 million senior secured credit facility, according to a market source.

BMO Capital Markets is the lead bank on the deal.

The facility consists of a $20 million revolver, a $160 million term loan and a $50 million delayed-draw term loan, the source said.

Early guidance on the facility is Libor plus 450 basis points. The term loan debt is expected to include a 1.5% Libor floor and be offered at an original issue discount of 99, the source continued.

Proceeds will be used to refinance senior and junior debt, and the delayed-draw term loan will be available for acquisition financing.

Leverage will be around 4.0 times all senior debt.

TravelClick is a Schaumburg, Ill.-based provider of online bookings to hotels.

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