TripAdvisor announced it has entered into a new $1 billion five-year credit facility, replacing its existing $600 million credit facility.

Under a new credit agreement, among other things, the company has access to (i) a $1 billion unsecured revolving credit facility, (ii) an interest rate on borrowings and commitment fees based on the company’s and its subsidiaries’ consolidated leverage ratio and (iii) uncommitted incremental revolving loan and term loan facilities, subject to compliance with leverage covenants and other conditions.

The $1 billion credit facility will be used for general corporate purposes. Thirteen financial institutions participated in the credit facility.

“The new credit facility strengthens our liquidity profile and provides us with significant additional financial flexibility at attractive rates. We appreciate the strong support from our bank group, led by JPMorgan Chase Bank and their demonstrated confidence in TripAdvisor,” said Julie Bradley, TripAdvisor’s chief financial officer.

In connection with the company’s entrance into the new credit agreement, the company repaid in full and terminated its existing credit agreement.