TripAdvisor obtains new $1 billion revolver with ‘attractive rates’

By Wendy Van Sickle

Columbus, Ohio, June 30 – TripAdvisor Inc. entered into a new $1 billion unsecured revolving credit facility on Friday, according to an 8-K filed with the Securities and Exchange Commission.

Interest is initially Libor plus 125 basis points and ranges from Libor plus 125 bps to Libor plus 200 bps, depending on the company’s and its subsidiaries’ consolidated leverage ratio. There is a commitment fee of 20 bps to 30 bps, depending on leverage. The initial fee is 20 bps.

“The new credit facility strengthens our liquidity profile and provides us with significant additional financial flexibility at attractive rates,” Julie Bradley, TripAdvisor’s chief financial officer, said in a press release.

J.P. Morgan Securities LLC, Morgan Stanley Senior Funding, Inc. Merrill Lynch, Pierce, Fenner & Smith Inc., BNP Paribas Securities Corp., SunTrust Robinson Humphrey, Inc., Wells Fargo Securities LLC, RBC Capital Markets, Barclays Bank plc, U.S. Bank, NA and Citigroup Global Markets Inc. are the joint lead arrangers and joint bookrunners.

JPMorgan Chase Bank, NA, is the administrative agent.

Bank of Tokyo-Mitsubishi UFJ, Ltd., Goldman Sachs Bank USA and Deutsche Bank Securities Inc. are the co-managers. Royal Bank of Canada and Bank of America, NA are the co-syndication agents; and SunTrust Bank and BNP Paribas are the co-documentation agents.

The company repaid and terminated its credit agreement dated Dec. 20, 2011 in conjunction with the new agreement.

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

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