Travelport Limited (the “Company”) and Travelport LLC, an indirect subsidiary of the Company (the “Issuer”), today announced a comprehensive capital refinancing plan (the “Restructuring Plan”), including arrangements to extend until 2016 the maturity date of the Issuer’s Senior Notes due in 2014. In addition, the Company’s parent companies reached agreement with lenders of Travelport Holdings Limited’s unsecured payment-in-kind (“PIK”) loans (“Holdco Loans”) to support the Restructuring Plan, including exchanging Holdco Loans into equity of Travelport Worldwide Limited (“Worldwide”).
“Following the business momentum management has achieved in recent quarters from the successful delivery of the Company’s strategy, today’s proposed refinancing transactions are specifically designed to extend 2014 debt maturities, eliminate the debt at Travelport Holdings and simplify the Company’s capital structure” stated Gordon Wilson, President and CEO of Travelport Limited. “The successful execution of the refinancing will allow Travelport’s management team to continue to focus on growing the business and achieving more of the same in the months and years ahead. We appreciate the broad support we’ve received and look forward to successfully completing the restructuring plan.”