Orbitz plans new credit facility with IPO

By Sara Rosenberg

New York, May 10 - Orbitz Worldwide Inc. is planning on coming to market with a new senior credit facility in connection with its initial public offering of common stock, according to an S-1 filed with the Securities and Exchange Commission Thursday.

Proceeds from the credit facility, along with IPO proceeds, will be used to fund a payment to parent company Travelport Ltd.

Travelport plans to use the proceeds from the payment to repay a portion of its senior credit facility debt.

Morgan Stanley, Goldman Sachs, Lehman Brothers and JPMorgan are the joint bookrunners on the IPO.

The IPO is expected to take place in the third quarter.

Orbitz is a Chicago-based online travel company.

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