Expedia Group gets $855 million foreign credit facility due May 2023

By Sarah Lizee

Olympia, Wash., Aug. 6 – Expedia Group, Inc. and Expedia Group International Holdings III, LLC entered on Wednesday into an $855 million foreign credit facility due May 31, 2023 with JPMorgan Chase Bank, NA as administrative agent and London agent, according to an 8-K filing with the Securities and Exchange Commission.

The companies also amended their existing credit facility with JPMorgan on Wednesday. Concurrently with the establishment of the foreign credit facility, the company reduced commitments under the existing credit facility to $855 million and prepaid debt under the existing credit facility in an amount equal to $772 million.

Loans under the foreign credit facility will bear interest at an index rate plus 250 basis points prior to Dec. 31, 2021.

On and after Dec. 31, 2021, or prior to that for each quarter that the leverage ratio as of the end of the most recently ended fiscal quarter for which financial statements have been delivered calculated on an annualized basis using consolidated EBITDA for the two most recently ended fiscal quarters included in such financial statements multiplied by two is not greater than 5x, the margin will range from 125 bps to 200 bps, based on credit ratings.

The covenants, events of default and other terms and conditions in the foreign credit facility are substantially similar to those in the existing credit facility, but include additional limitations on the borrower and other entities that are not obligors under the existing credit facility.

Expedia is a Bellevue, Wash.-based online travel company.

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