| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers O > Headlines for Orbitz Worldwide Inc. > News item |
Orbitz Worldwide posts first-quarter net loss, refinances term loan in April to repay debt
By Lisa Kerner
Charlotte, N.C., May 5 - Orbitz Worldwide, Inc. ended the first quarter on March 31 with $315 million of liquidity, comprised of $250 million of unrestricted cash and cash equivalents and $65 million available on its prior undrawn revolver, according to chief financial officer Mike Randolfi.
In April, Orbitz refinanced its $440 million term loan with a new $450 million term loan maturing in 2021, lowering the interest rate it paid on term loans by about 1%, said Randolfi during the company's earnings conference call on Monday.
Proceeds of the refinancing were used to repay the $93 million tranche B term loan maturing September 2017 and the $347 million tranche C term loan maturing March 2019, according to the earnings news release.
As part of the refinancing, Orbitz secured an $80 million revolving credit facility that matures in April 2019 to replace the $65 million revolving credit facility, which was set to mature in March of 2017.
The new $80 million revolver remains fully undrawn, Randolfi said.
Chief executive officer Barney Harford said Orbitz is off to a "strong start" in 2014, with a 4% year over year growth in revenue to $210.3 million for the quarter. Adjusted EBITDA increased 33% to $28.7 million for the period.
First-quarter operating cash flow was down 11% to $156 million due in part to changes in working capital accounts.
Net interest expense was flat at $9.6 million.
The Chicago-based online travel agency reported a net loss for the first quarter of $5.9 million, compared with net income of $146.2 million in the first quarter 2013.
Orbitz expects second-quarter net revenue to be between $239 million and $245 million and adjusted EBITDA to be in the range of $42 million to $47 million.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.