Worldspan $350 million six-year floaters talked Libor plus 575-600 bps, to price Monday

By Paul A. Harris

St. Louis, Feb. 3 - WS Financing Corp./Worldspan LP's $350 million offering of six-year senior secured second-lien floating-rate notes (CCC+) is talked at Libor plus 575 to 600 basis points, according to market sources.

The notes are expected to price on Monday.

JP Morgan, UBS Investment Bank, Lehman Brothers and Deutsche Bank Securities are joint bookrunners for the Rule 144A/Regulation S notes. Goldman Sachs & Co. is the co-manager.

The company will also obtain a $440 million senior credit facility.

Proceeds will be used to repay bank debt and redeem the company's 9 5/8% senior notes due 2011, to refinance senior secured debt, to redeem preferred stock issued by Worldspan's parent, Worldspan Technologies Inc., to prepay and terminate sponsor advisory fees and dividends on Worldspan Technologies' class B common stock, and for general corporate purposes.

The sponsors are CVC Group and The Ontario Teachers' Pension Plan.

Worldspan is an Atlanta-based operator of computerized reservation systems.

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