Travelport and Ad Hoc Steering Group Steering Committee Reach Agreement


LANGLEY, England, 17th September 2020 / PRNewswire / – Travelport Worldwide Limited (“Travelport” or the “Company”), a leading travel technology company, announced today that it has entered into an agreement with the Steering Committee of the Ad Hoc Group of Lenders (the “Ad Hoc Group “) to carry out certain open-market financing purchase and stock exchange transactions, according to which, among other things, the company’s existing lenders $ 500 million new financing to the company and the parties will clear all related litigation and claims against each other. The financing of open market purchases and barter transactions is open to all lenders on a pro-rata basis. The transactions are expected to be up September 24, 2020and were approved 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 subsidiary of Elliott., Assists management company (“Elliott”).

The new funding will provide the company with ample liquidity to continue to exceed customer expectations and invest in its next-generation technology and platform to ensure it is positioned for growth as a travel return. It will also enable Travelport to achieve significant annual cash interest savings, reduced net debt, and extended debt maturities.

Greg Webb, Travelport’s Chief Executive Officer, stated, “With this agreement, we have strengthened our ability to further strengthen our business and protect it from the effects of the extraordinary global health crisis of COVID-19. The support of our owners Siris and Elliott, and our lenders, coupled with the encouraging growth in travel, give us even more optimism about the future of our business as we continue to invest in our industry-leading next-generation technology and platform to ensure that we are positioned for innovation and growth. We are very excited to be working with the ad hoc group and look forward to continuing to deliver the world-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 reflects that commitment and is the result of everyone’s efforts over the past few months to ensure that Travelport has the financial strength and capacity required has. ” to support its customers and grow well into the future. ”

The transactions are subject to the fulfillment of certain closing conditions, which are set out in the open market purchase and exchange agreements.

Wachtell, Lipton, Rosen & Katz are acting as legal advisor to the company. Guggenheim Securities, LLC is serving as the company’s financial advisor.

Akin Gump Strauss Hauer & Feld LLP is acting as legal advisor to the ad hoc group. PJT Partners, Inc. is acting as financial advisor to the ad hoc group.

About Travelport (www.travelport.com)

Travelport is the technology company that keeps improving the way you buy and manage travel. It operates a travel commerce platform that provides sales, technology, travel payment and other solutions for the global travel and tourism industry. The company facilitates the travel trade by connecting the world’s leading travel providers with online and offline travel buyers in its own business-to-business (B2B) travel platform.

Travelport is a leader in airline merchandising, hotel content and sales, car rental, mobile commerce and B2B payment solutions. The company also provides IT services for airlines such as shopping, ticketing, departure control and other solutions.

SOURCE Travelport Limited

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