Travelport begins $350 million tender offer for five series of notes

By Angela McDaniels

Tacoma, Wash., Jan. 20 - Travelport LLC has begun a tender offer for five series of its notes, according to a company news release.

The maximum payment amount for the offer is $350 million, excluding accrued interest.

The notes eligible for purchase in the offer are Travelport's:

• €171.6 million of senior euro floating-rate notes due 2014;

• $144 million of senior dollar floating-rate notes due 2014;

• €141.8 million of 10 7/8% senior subordinated euro notes due 2016;

• $443 million of 9 7/8% senior dollar notes due 2014; and

• $247.3 million of 11 7/8% senior subordinated dollar notes due 2016.

The notes are listed in order of acceptance priority level.

For each $1,000 or €1,000 principal amount of notes, the company will pay €985 for the euro floating-rate notes, $985 for the dollar floating-rate notes, €1,070 for the 10 7/8% notes, $1,075 for the 9 7/8% notes and $1,100 for the 11 7/8% notes.

Each of the purchase prices listed above includes an early tender premium of €20 or $20 for each note tendered by 5 p.m. ET on Feb. 2, the early tender date.

Holders will also receive accrued interest up to but excluding the settlement date, which is expected to be Feb. 18.

The tender offer will expire at 11:59 p.m. ET on Feb. 17.

If the offer is oversubscribed, the amount of each series of notes to be purchased will be based on the acceptance priority level of that series.

The completion of the tender offer is subject to the completion of the initial public offering of Travelport Holdings (Jersey) Ltd. (to be renamed Travelport plc), which will become the indirect parent of the company, and the admission of the shares to trading on the London Stock Exchange. The tender offer is not conditioned on any minimum level of participation.

UBS Securities LLC (203 719-4210 or 888 719-4210) is the dealer manager for dollar-denominated notes, and UBS Ltd. (+44 20 7567 0525) is the dealer manager for euro-denominated notes. The information agent is Global Bondholder Services Corp. (212 430-3774 for banks and brokers, 866 470-4300 for others).

Travelport is an indirect subsidiary of Travelport Ltd., a New York-based provider of transaction processing solutions.

© 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.