Orbitz
Worldwide, Inc. (NYSE:OWW) announced that it has successfully completed
the refinancing of its $440 million outstanding senior secured term
loans with a new $450 million term loan maturing April 2021. Proceeds of
the refinancing were used to repay the $93 million Tranche B term loan
maturing September 2017 and the $348 million Tranche C term loan
maturing March 2019. The $450 million term loan accrues interest at
LIBOR, subject to a floor of 1.0 percent, plus 3.5 percent. The
previous term loans carried a weighted average interest rate of LIBOR,
subject to the same floor, plus 4.49 percent at March 31, 2014.Continue Reading...
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