Travelport to launch $2.4 billion facility, $500 million bridge Monday

By Sara Rosenberg

New York, Aug. 1 – Travelport LuxCo is scheduled to hold a bank meeting at 1:30 p.m. ET in New York on Monday to launch a $2.4 billion credit facility and a $500 million bridge loan, according to a market source and a company announcement.

Deutsche Bank Securities Inc. and Morgan Stanley Senior Funding Inc. are the bookrunners on the deal.

The facility consists of a $100 million five-year revolver and a $2.3 billion seven-year term loan B, the source said.

Included in the term loan is 101 soft call protection for six months.

Travelport will also launch a $500 million senior unsecured bridge loan which may be replaced by or exchanged for high-yield bonds.

Proceeds will be used to refinance the company’s existing capital structure, namely its first and second lien term loans and some of the senior floating-rate notes due 2016, 13 7/8% senior notes due 2016, 11 7/8% senior subordinated notes due 2016, 11 7/8% dollar senior subordinated notes due 2016 and 10 7/8% senior subordinated euro notes due 2016 issued by Travelport LLC and Travelport Holdings, Inc.

Expected ratings are in the low single-B’s, the source added.

Travelport Ltd. is an Atlanta-based provider of transaction processing services to the travel industry.

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