Travelport and Ad Hoc Lender Group Steering Committee Reach Agreement

17/09/2020 14:41

LANGLEY, England, Sept. 17, 2020 /PRNewswire/ -- Travelport Worldwide Limited ("Travelport" or the "Company"), a leading travel technology company, today announced that it has reached an agreement with the Steering Committee of the Ad Hoc Group of Lenders (the "Ad Hoc Group") to effectuate certain financing open market purchase and exchange transactions, pursuant to which, among other things, the Company's existing lenders will provide $500 million in new funding to the Company and the parties will release all related litigation and claims against one another. The financing open market purchase and exchange transactions will be open to all lenders on a pro rata basis. The transactions are expected to close by September 24, 2020, and have been backstopped by certain members of the Ad Hoc Group and affiliates of the Company's existing equity owners, Siris Capital Group, LLC ("Siris") and Evergreen Coast Capital Corp. ("Evergreen"), the private equity affiliate of Elliott Management Corporation ("Elliott").

The new financing will provide the Company with ample liquidity to continue to exceed its customers' expectations and invest in its technology and next-generation platform to help ensure it is positioned for growth as travel returns. It also will provide Travelport with significant annualized cash interest savings, reduced net debt levels and extended debt maturity dates.

Greg Webb, Chief Executive Officer of Travelport, stated, "With this agreement, we have fortified our ability to continue to strengthen and protect our business from the impacts of the extraordinary COVID-19 global health crisis. The support of our owners, Siris and Elliott, and our lenders, coupled with the encouraging increase in travel provides us with even more optimism about the future trajectory of our business as we continue to invest in our industry-leading technology and next-generation platform to ensure we are positioned to drive innovation and growth in the long term. We are very pleased to move forward in collaboration with the Ad Hoc Group and look forward to continuing to deliver the best-in-class products and services that our customers have come to expect from Travelport."

John Swainson, Executive Chairman of Travelport, said, "We remain fully committed to our sustainability and growth. This agreement is a reflection of that commitment and a result of everyone's efforts over the past several months to ensure that Travelport has the financial strength and capacity it needs to support its customers and grow well into the future."

The transactions are subject to the satisfaction of certain closing conditions set forth in the open market purchase and exchange agreements.

Wachtell, Lipton, Rosen & Katz is serving as the Company's legal counsel. Guggenheim Securities, LLC is serving as the Company's financial advisor.

Akin Gump Strauss Hauer & Feld LLP is serving as the Ad Hoc Group's legal counsel. PJT Partners, Inc. is serving as the Ad Hoc Group's financial advisor.

About Travelport (www.travelport.com)

Travelport is the technology company which makes the experience of buying and managing travel continually better. It operates a travel commerce platform providing distribution, technology, travel payment and other solutions for the global travel and tourism industry. The company facilitates travel commerce by connecting the world's leading travel providers with online and offline travel buyers in a proprietary business-to-business (B2B) travel platform.

Travelport has a leading position in airline merchandising, hotel content and distribution, car rental, mobile commerce and B2B payment solutions. The company also provides IT services to airlines, such as shopping, ticketing, departure control and other solutions.

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