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.
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.
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.