Travelport Holdings Limited Plans to Issue $1.1 Billion in Term Loans Under a Senior PIK Facility

Mar 19, 2007, 01:00 ET from Travelport

    NEW YORK, March 19 /PRNewswire-FirstCall/ -- Travelport Holdings
 Limited, a holding company for the Travelport group of businesses,
 announced today that it will raise $1.1 billion of senior unsecured
 Payment-in-Kind (PIK) term loans through a syndicate group of banks led by
 joint lead arrangers Credit Suisse Securities (USA) LLC and UBS Securities
 LLC, co-syndication agent Lehman Commercial Paper Inc. and additional joint
 book runners Citigroup Global Markets Inc., Deutsche Bank Securities Inc.,
 Goldman Sachs Credit Partners L.P., J.P. Morgan Securities Inc. and Morgan
 Stanley Senior Funding Inc. The group of banks has committed to the funding
 of the PIK term loans, subject to certain customary closing conditions, and
 the funding is expected to occur within the next two weeks.
     Interest on the PIK term loans will be payable quarterly in arrears by
 adding such interest to the principal amount of the outstanding PIK term
 loans. The PIK term loans are expected to be funded in U.S. dollars and
 Euros, and will mature on the date that is five years after the PIK term
 loans are made.
     Travelport Holdings Limited intends to use the net proceeds from the
 borrowing of the PIK term loans to pay a dividend to its shareholders.
     About Travelport
     Travelport is one of the world's largest travel conglomerates. It
 operates 20 leading brands including Galileo, a global distribution system
 (GDS); Orbitz, an on-line travel agent; and Gulliver's Travel Associates, a
 wholesaler of travel content. With 2006 revenues of $2.6 billion, the
 Company has 8,000 employees and operates in 130 countries.
     Forward-Looking Statements
     Certain statements in this press release constitute "forward-looking
 statements" that involve known and unknown risks, uncertainties and other
 factors which may cause the actual results, performance or achievements of
 the Company to be materially different from any future results, performance
 or achievements expressed or implied by such forward-looking statements.
 Statements preceded by, followed by or that otherwise include the words
 "believes", "expects", "anticipates", "intends", "projects", "estimates",
 "plans", "may increase", "may fluctuate" and similar expressions or future
 or conditional verbs such as "will", "should", "would", "may" and "could"
 are generally forward-looking in nature and not historical facts. Any
 statements that refer to expectations or other characterizations of future
 events, circumstances or results are forward-looking statements.
     Various risks that could cause future results to differ from those
 expressed by the forward-looking statements included in this press release
 include, but are not limited to: our substantial indebtedness, our ability
 to service such indebtedness and the impact thereof on the way we operate
 our business; interest rate movements; factors affecting the level of
 travel activity, particularly air travel volume, including security
 concerns, natural disasters and other disruptions; general economic and
 business conditions; competition in the travel industry; pricing,
 regulatory and other trends in the travel industry; risks associated with
 doing business in multiple international jurisdictions and in multiple
 currencies; maintenance and protection of our information technology and
 intellectual property; the outcome of pending litigation; our ability to
 consummate the acquisition of Worldspan; acquisition opportunities and our
 ability to successfully integrate acquired businesses and realize
 anticipated benefits of such acquisitions, including the proposed Worldspan
 acquisition; financing plans and access to adequate capital on favorable
 terms; and our ability to achieve anticipated cost savings. Other unknown
 or unpredictable factors also could have material adverse effects on our
 performance or achievements. In light of these risks, uncertainties,
 assumptions and factors, the forward-looking events discussed in this press
 release may not occur. You are cautioned not to place undue reliance on
 these forward-looking statements, which speak only as of the date stated,
 or if no date is stated, as of the date of this press release. Except to
 the extent required by applicable securities laws, the Company undertakes
 no obligation to release any revisions to any forward-looking statements,
 to report events or to report the occurrence of unanticipated events unless
 required by law.

SOURCE Travelport