Travelport says market to blame for cancellation of IPO, tender offer

By Lisa Kerner

Charlotte, N.C., Feb. 11 - Travelport LLC blamed market conditions for the cancellation of its initial public offering of ordinary shares and listing on the London Stock Exchange, according to a company news release.

As previously reported, the completion of Travelport's tender offer for four series of its notes was subject to the completion of the IPO of Travelport Holdings (Jersey) Ltd. (to be renamed Travelport plc), which was going to become the indirect parent of the company, and the admission of the shares to trading on the London Stock Exchange.

"Since we announced our intention to float, there has been significantly increased volatility and uncertainty in global equity markets, as a result of macro circumstances unrelated to our business," said Travelport chief executive officer Jeff Clarke.

"We will consider bringing it back to the market at a future date, when equity market conditions are more favorable."

Travelport said it planned to spend up to $475 million - increased from $350 million - on the tender offer, excluding accrued interest.

The tender offer was scheduled to expire at 11:59 p.m. ET on Feb. 17.

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

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