Travelport sets Wednesday launch for $1.09 billion of incremental bank debt

By Sara Rosenberg

New York, May 1 - Travelport Inc. has scheduled a bank meeting in New York for Wednesday to launch its proposed $1.09 billion of incremental bank debt, according to a market source.

UBS and Credit Suisse are the joint lead arrangers on the deal, with UBS the left lead. UBS, Credit Suisse, Lehman Brothers, JPMorgan and Goldman Sachs are the joint bookrunners.

As was revealed on Monday, the debt is comprised of a $25 million revolver add-on, a $25 million synthetic letter-of-credit facility add-on and a $1.04 billion first-lien delayed-draw term loan B add-on, the source said.

Current expectations are that the incremental debt will price in line with the company's existing bank debt, so the synthetic letter-of-credit facility and delayed-draw term loan B add-ons will be at Libor plus 250 basis points and the revolver add-on will be at Libor plus 275 bps, the source remarked.

However, official price talk on the deal has yet to be announced, the source added.

Proceeds will be used to refinance Worldspan LP's $1 billion credit facility that was obtained late last year in connection with its merger into Travelport.

Travelport is a Parsippany, N.J.-based travel distribution services company.

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