A bank meeting was held last Thursday to launch syndication of a refinancing for travel technology company Worldspan. The credit went out to investors at LIBOR plus 2 1/2% and comprises a $40 million revolver and $400 million term loan. J.P. Morgan, UBS and Lehman Brothers are leading the facility.
The company is also issuing up to $350 million in second-lien floating-rate notes. Proceeds are being used to call the company's outstanding $280 million of 9 5/8% senior notes due 2011. J.P. Morgan is the manager for the tender offer. Dale Messick, Worldspan's senior v.p. of finance, did not return calls. Officials at the three lead banks either declined comment or did not return calls.