TravelClick withdraws discount on $65 million incremental term loan

By Paul A. Harris

Portland, Ore., April 17 – TravelClick Inc. withdrew the proposed discount from its $65 million incremental first-lien term loan (B2), according to a market source.

As with the concurrent repricing of the $385 million covenant-light first-lien term loan, the deal is being offered at par.

The incremental loan had been talked earlier at 99.5.

Spread talk on the term debt is Libor plus 400 basis points with a 1% Libor floor.

The term loans include 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Proceeds from the incremental loan will be used to repay a portion of the company’s existing second-lien term loan.

The repricing will take the existing term loan down from Libor plus 450 bps with a 1% Libor floor.

Commitments were due on Monday.

TravelClick is a New York-based provider of solutions to the hospitality industry.

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