Travelport, parent retire more than $260 million of debt in Q2

By Jennifer Chiou

New York, Aug. 6 - Travelport Ltd. announced in its second-quarter report that it retired an additional $10 million of its debt at a discount in the second quarter, adding that its parent companies recorded the retirement of more than $250 million of debt at a discount.

The latter transaction settled in early July, chief financial officer Mike Rescoe said in the report.

"Since January 2008, we have repurchased over $190 million of our debt at a discount, and Travelport Holdings Ltd. and Travelport Worldwide Ltd., our parent companies, have repurchased approximately $835 million of Travelport Holdings Ltd. debt at a discount, funded primarily by distributions from us," Rescoe added.

The company also said it repaid $263 million in borrowings under its revolving credit facility and now has the entire $270 million of liquidity available. According to the report, the company believes its access to the capital markets remains strong as evidenced by the ability to borrow an additional $150 million in term loans in a transaction that was oversubscribed during the quarter.

Travelport is a Parsippany, N.J.-based travel distribution services company.

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