Travelport corrects amounts for some series of notes in tender offer

By Susanna Moon

Chicago, Jan. 22 - Travelport LLC said it made some corrections to the amounts in its tender offer. The company will spend up to $350 million in the offer, excluding accrued interest.

Covered by the tender offer are five series of notes, and the amounts are revised as follows:

• €161.55 million of senior euro floating-rate notes due 2014;

• $143 million of senior dollar floating-rate notes due 2014;

• €139.75 million of 10 7/8% senior subordinated euro notes due 2016;

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

• $247.2 million of 11 7/8% senior subordinated dollar notes due 2016.

The notes are listed in order of acceptance priority level.

As of Friday, the total outstanding principal amount of first- and third-priority notes is €301.3 million. The total outstanding principal amount of second-, fourth- and fifth-priority notes is $833.2 million.

For each $1,000 or €1,000 principal amount of notes, the company previously said it 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. It began on Jan. 20.

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.

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