November 9, 2017 / 12:52 PM / in a year

LPC-Etraveli finally launches buyout loans

Nov 9 (Reuters) - Swedish online travel agency Etraveli has launched €270m of leveraged loans to back its acquisition, some five months after private equity firm CVC agreed to buy the business, banking sources said.

CVC announced in June it was buying Etraveli, which operates with brands Gotogate, Supersaver and Seat24, from German broadcaster ProSiebenSat.1, for €508m.

Credit Suisse, Jefferies and UBS committed to the financing but didn’t underwrite it at the time.

CVC bought the business eniterly with equity and decided to hold off putting any debt in place until a merger with Greek peer e-Travel was agreed, the banking sources said.

That merger was announced earlier this week, triggering the launch of the financing to investors via a syndication process, the sources said.

The financing comprises a €240m, seven-year term loan B and a €30m, six-year revolving credit facility, the sources said.

A bank meeting is scheduled for November 13, when pricing is expected to emerge. Investors have been asked to commit to the loan by November 24, the sources said.

Etraveli is an e-commerce platform for flight tickets and conducts a majority of its business in Western Europe and the Nordics. e-Travel has a similar set-up, but a more robust position in Eastern Europe and a growing presence in the Middle East and Asia Pacific region, according to a statement.

Editing by Claire Ruckin

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