TripAdvisor, Inc. (TRIP): debt financing — TripAdvisor amends credit facility to $500M; extends maturity to 2028, increases leverage cap to 4.5x

TripAdvisor, Inc.

New $500M revolving credit facility matures June 29, 2028, replacing facility due May 12, 2024.
Total Net Leverage Ratio increased from 3.5x to 4.5x, providing greater financial flexibility.
LIBOR benchmark replaced with SOFR; cap on cash netting for unrestricted cash eliminated.
Pricing grid revised with applicable spreads and commitment fees based on leverage ratio.
Company can incur incremental facilities subject to conditions; lenders include JPMorgan, BofA, Barclays, and others.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

TripAdvisor, Inc. amended revolving credit of $500 million with JPMorgan Chase Bank, N.A., as Administrative Agent maturing June 29, 2028.

Instrument: revolving credit
Principal: $500 million
Counterparty: JPMorgan Chase Bank, N.A., as Administrative Agent
Maturity: June 29, 2028
Event: amendment

Exact text from the filing

The Restated Credit Agreement provides for a $500.0 million revolving credit facility maturing June 29, 2028.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

TripAdvisor, Inc. amended Restated Credit Agreement with JPMorgan Chase Bank, N.A. and the other Lenders party thereto valued at $500.0 million (effective 2023-06-29).

Action: amendment
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A. and the other Lenders party thereto
Value: $500.0 million
Effective: 2023-06-29

Exact text from the filing

On June 29, 2023, Tripadvisor, Inc., a Delaware corporation (the “Company”), Tripadvisor Holdings, LLC, a Massachusetts limited liability company (“Holdings”), and Tripadvisor LLC, a Delaware limited liability company (“Tripadvisor”), entered into the Amendment and Restatement Agreement (the “Restated Credit Agreement”), among the Company, Holdings, Tripadvisor, the other Borrowers party thereto, the Lenders party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent.

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TripAdvisor, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-23-031999

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