Orbitz amends loan, permitting term loan buybacks with cash, equity

By Sara Rosenberg

New York, June 4 - Orbitz Worldwide Inc. amended its credit facility, allowing for the repurchase of term loans using cash of up to $10 million and cash proceeds from equity issuances and in exchange for equity interests, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

The buybacks have to be done on or prior to June 2, 2010.

In addition, the company must purchase at least $10 million in principal amount of term loans on or before June 19 or it will lose its ability to purchase any term loans under the amendment.

The amendment was completed on June 2.

UBS is the administrative agent on the deal.

Orbitz is a Chicago-based online travel company.

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