TripAdvisor restates $500 million revolver, now to mature in 2028

By Wendy Van Sickle

Columbus, Ohio, July 6 – TripAdvisor, Inc. amended and restated its credit agreement on June 29 to continue to provide for a $500 million revolving credit facility maturing June 29, 2028, according to an 8-K filing with the Securities and Exchange Commission.

The new maturity date is pushed out from May 12, 2024 but is subject to a springing maturity if, on any date that is 91 days prior to the final scheduled maturity date in of certain debts, the aggregate outstanding principal amount of short-dated specified debt is $200 million or more.

The total net leverage ratio was increased to 3.5x from 4.5x and SOFR was incorporated to replace Libor as the interest rate benchmark. Borrowings now bear interest at SOFR plus a margin ranging from 175 basis points to 250 bps, depending on total net leverage ratio.

TripAdvisor may incur incremental facilities.

JPMorgan Chase Bank, NA is the administrative agent and is a lead arranger and bookrunner along with BofA Securities, Inc., BMO Capital Markets Corp., BNP Paribas, Mizuho Bank, Ltd., Truist Securities, Inc. and U.S. Bank NA. Additional lead arrangers are Barclays Bank plc, Canadian Imperial Bank of Commerce, New York, Citibank, NA, Goldman Sachs Bank USA, HSBC Bank USA, NA, Morgan Stanley Bank, NA and MUFG Bank, Ltd.

Based in Newton, Mass., TripAdvisor operates a travel website that allows travelers to plan and book vacations.

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