TravelClick launches $230 million facility at Libor plus 450-475 bps

By Sara Rosenberg

New York, Feb. 23 - TravelClick Inc. launched its $230 million senior secured credit facility (B1/B) on Wednesday with price talk of Libor plus 450 basis points to 475 bps with a 1.5% Libor floor and an original issue discount on the term loan that is still to be determined, according to a market source.

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

Last week, early guidance on the deal had been circulating as Libor plus 450 bps with a 1.5% Libor floor. It was said that the term loan was expected to be offered at an original issue discount of 99.

BMO Capital Markets is the lead bank on the deal.

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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