Daily News: August 4, 2014

Deutsche Bank, MSSF to Arrange Travelport Debt Refi

Travelport announced the launch of a debt refinancing transaction. Travelport, through its wholly owned Luxembourg subsidiary, is seeking commitments from lenders (i) under a new senior secured credit facility for an aggregate principal amount of $2,400 million, and currently expects the new senior secured credit facility to be comprised of (a) a single tranche of term loans of $2,300 million maturing in 2021 and (b) a revolving credit facility of $100 million maturing in 2019 and (ii) under a senior unsecured bridge loan facility in an aggregate principal amount of $500 million.

Deutsche Bank Securities and Morgan Stanley Senior Funding will act as joint lead arrangers and joint bookrunners for the credit facilities and the bridge facility.

The net proceeds of the term facility, together with borrowings under the bridge facility, will, among other things, be used to (i) repay certain of the indebtedness outstanding under the first and second lien term loans under Travelport’s Sixth amended and restated credit agreement and second lien credit agreement and (ii) redeem certain of the following outstanding debt securities issued.

Travelport is a travel commerce platform providing distribution, technology, payment and other solutions for the $7 trillion global travel and tourism industry.