By Paul A. Harris
Portland, Ore., March 9 - Travelport Worldwide Ltd. priced an upsized $745 million issue of eight-year senior secured notes (B1/B+) at par to yield 6% on Friday, according to market sources.
The deal was increased from $650 million. The additional $95 million of proceeds were shifted from a concurrent term loan, which was downsized to $1.4 billion from $1.5 billion
The yield printed in the middle of yield talk that was set in the 6% area.
That official talk came at the tight end of initial guidance for a yield in the low 6% area, a trader said.
Citigroup Global Markets Inc. was the left lead bookrunner. Goldman Sachs & Co. was a lead bookrunner. BofA Merrill Lynch, Morgan Stanley & Co. LLC and UBS Securities LLC were bookrunners.
The Langley, U.K.-based provider of electronic travel commerce services plans to use the proceeds to pay off its existing credit agreement.
| Issuer: | Travelport Corporate Finance plc
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| Amount: | $745 million, increased from $650 million
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| Maturity: | March 15, 2026
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| Securities: | Senior secured notes
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| Left lead bookrunner: | Citigroup
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| Lead bookrunner: | Goldman Sachs
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| Bookrunners: | BofA Merrill Lynch, Morgan Stanley, UBS
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| Coupon: | 6%
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| Price: | Par
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| Yield: | 6%
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| Spread: | 315 bps
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| First call: | Make-whole call at Treasuries plus 50 bps until March 15, 2021, then callable at 103
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| Equity clawback: | 40% at 106 until March 15, 2021
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| Trade date: | March 9
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| Settlement date: | March 16
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| Ratings: | Moody's: B1
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| S&P: B+
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 6% area
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| Marketing: | Roadshow
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