Spain’s eDreams selling €425 million five-year secured notes; Deutsche Bank is global coordinator

By Paul A. Harris

Portland, Ore., Sept. 19 – Spain’s eDreams Odigeo is in the market with a €425 million offering of senior secured notes due Aug. 1, 2021, according to a market source.

Global coordinator Deutsche Bank will bill and deliver. Barclays, BBVA and SG CIB are the joint bookrunners. CM-CIC and Santander are the co-managers.

The Rule 144A and Regulation S for life notes come with two years of call protection, as well as a two-year 40% equity clawback and a 101% poison put.

The Barcelona-based online travel company plans to use the proceeds to redeem the Geo Debt Finance SCA 7˝% senior secured notes due 2018 issued Jan. 31, 2013 and the Geo Travel Finance SCA 10 3/8% senior notes due 2019 issued on April 21, 2011.

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