Liberty TripAdvisor Holdings, Inc.: debt financing — Tripadvisor amends credit agreement: $500M revolver extended to 2028, leverage covenant raised to 4.5x

Liberty TripAdvisor Holdings, Inc.

$500M revolving credit facility matures June 29, 2028, replacing prior May 2024 maturity.
Total net leverage ratio increased from 3.5x to 4.5x; LIBOR replaced with SOFR benchmark.
Pricing grid revised to adjust ABR Spread, Term/Benchmark/RFR Spread, and Commitment Fee Rates.
Facility adds ability to incur incremental facilities subject to conditions.
Obligations secured by substantially all assets of Tripadvisor and subsidiary loan parties.

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

Liberty TripAdvisor Holdings, Inc. amended revolving credit of $500.0 million with JPMorgan Chase Bank, N.A., as Administrative Agent maturing June 29, 2028.

Instrument: revolving credit
Principal: $500.0 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 0.95

Liberty TripAdvisor Holdings, Inc. entered into Amendment and Restatement Agreement with JPMorgan Chase Bank, N.A., as Administrative Agent valued at $500.0 million revolving credit facility (effective 2023-06-29).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as Administrative Agent
Value: $500.0 million revolving credit facility
Effective: 2023-06-29

Exact text from the filing

On June 29, 2023, Tripadvisor, Inc., a Delaware corporation (“Tripadvisor”), Tripadvisor Holdings, LLC, a Massachusetts limited liability company (“Holdings”), and Tripadvisor LLC, a Delaware limited liability company, entered into the Amendment and Restatement Agreement (the “Restated Credit Agreement”), among Tripadvisor, Holdings, Tripadvisor LLC, the other Borrowers party thereto, the Lenders party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent. The Restated Credit Agreement provides for a $500.0 million revolving credit facility maturing June 29, 2028.

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Source: SEC EDGAR

accession 0001606745-23-000027

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