Travelport Limited and Its Parent Holding Company Successfully Obtain Consents to Complete Debt Restructuring

Travelport Companies Receive Overwhelming Support from Debt Holders

Travelport Limited Amends Capital Structure to Facilitate Growth Plans and New Product Rollouts

Travelport Limited (the “Company”) today announces that the Company and its parent holding company, Travelport Holdings Limited (“Travelport Holdings”) have successfully obtained the consents to amend the terms of Travelport Holdings’ unsecured payment-in-kind (“PIK”) term loans, including arrangements that extend the maturity date from March 27, 2012 until December 1, 2016.

During the solicitation of consent for the transaction, Travelport Holdings received unanimous support from all of its lenders under its PIK term loans.  As previously announced, holders of Travelport Limited’s senior secured credit agreement also consented to certain amendments in connection with the proposed restructuring, with approximately 99.3% in aggregate principal amount of the loans outstanding approving the amendment.

“We are very pleased that Travelport Limited and our parent company have received overwhelming support for the modification and extension of its credit facilities,” stated Gordon Wilson, President and CEO of Travelport Limited.  “We believe this support reflects the strength of our business and the confidence in our vision for the future of the company.  With the consents obtained, Travelport Limited will continue to have the financial flexibility to execute our growth strategy.  We remain focused on expanding and improving our product and technical platform and building on our position as one of the world’s leading travel content aggregators and transaction processing providers.”

The amendment to the senior secured credit agreement and issuance of the second lien term loan by Travelport LLC is expect to be consummated today and the amendment to the PIK term loans is expected to be consummated on Monday, October 3, 2011.

Travelport was advised by Blackstone Advisory Group, Credit Suisse and UBS in the transactions.

 
Source = Travelport
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