Orbitz Worldwide announced that it successfully completed the refinancing of its $440 million outstanding senior secured term loans with a new $450 million term loan maturing April 2021.

According to an 8-K dated April 16, 2014, Credit Suisse AG acted as administrative agent, collateral agent, L/C issuer and swing line lender.

Proceeds of the refinancing were used to repay the $93 million tranche B term loan maturing September 2017 and the $348 million tranche C term loan maturing March 2019. The $450 million term loan accrues interest at LIBOR, subject to a floor of 1%, plus 3.5%. The previous term loans carried a weighted average interest rate of LIBOR, subject to the same floor, plus 4.49% at March 31, 2014.

The refinancing reduces the weighted average interest rate of the company’s senior secured debt as of March 31, 2014 by approximately one percentage point and extends the weighted average life to maturity by more than two years. The company also achieved more flexible financial covenants and improved other terms in the amended credit agreement.

Additionally, the company secured an $80 million revolving credit facility that matures in April 2019, replacing its $65 million revolving credit facility which was to mature in March 2017. The revolving credit facility will be used for letters of credit and general corporate purposes.

“We are very pleased to have strengthened the company’s financial position by reducing borrowing costs, extending maturities and achieving more flexible debt covenants,” said Mike Randolfi, CFO.

Orbitz Worldwide is a global online travel company using technology to transform the way consumers around the world plan and purchase travel.