Tripadvisor closes $500M term loan B at SOFR+2.75%, redeems $500M 7% Senior Notes due 2025

TripAdvisor, Inc.

New $500M term loan B facility matures July 8, 2031, at SOFR + 2.75%, offered at 99.75% of par.
Proceeds used to redeem all $500M of 7.000% Senior Notes due 2025.
Mandatory amortization is 1.00% of principal per year; no financial covenant.
Amendment increases excess cash flow basket and adds $195M/50% EBITDA basket for capital leases.
Loan is secured by substantially all assets of Tripadvisor and subsidiary loan parties.

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