Oravel lifts term B to $660 million, flexes to Libor plus 825 bps

By Sara Rosenberg

New York, June 3 – Oravel Stays Private Ltd. upsized its five-year term loan B to $660 million from $600 million and reduced pricing to Libor plus 825 basis points from Libor plus 850 bps, according to a market source.

Also, the original issue discount on the term loan firmed at 97, the tight end of the 96 to 97 talk, the source said.

The term loan still has a 0.75% Libor floor and call protection of non-callable for two years, then at 107.5 in year three and 103 in year four.

JPMorgan Chase Bank and Deutsche Bank Securities Inc. are the leads on the deal.

Recommitments are due at noon ET on Friday, the source added.

Proceeds will be used to refinance existing debt and for general corporate purposes.

Oravel is an India-based provider of budget accommodations.

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