Travelport Holdings ups extended debt pricing to Libor plus 450 bps

By Sara Rosenberg

New York, Oct. 19 - Travelport Holdings Ltd. increased pricing on its proposed extended term loan and letter-of-credit facility to Libor plus 450 basis points from Libor plus 400 bps, according to a market source.

Current pricing on the debt is Libor plus 250 bps.

In addition, a previously proposed pricing step-down was removed from the extended debt, and the letter-of-credit facility can now be converted into term loan debt.

Under the extension, the maturity date on the debt would be pushed out by two years from August 2013.

In addition, the amendment would increase the leverage ratio, allow for the refinancing of non-extended term loan debt with new second-lien or junior debt, and allow for an extension of revolver commitments at a later date.

Credit Suisse and UBS are leading the amendment and extension.

Lenders are being offered a 25 bps amendment fee.

As before, consents and commitments are due on Wednesday.

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

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