Orbitz Worldwide, Inc. Completes Senior Secured Term Loan Repricing
|CHICAGO, May 28, 2013 - Orbitz Worldwide, Inc. (NYSE: OWW) today announced it has successfully completed the repricing of its $450 million senior secured term loan facilities. The amendment reduces annual interest rates by 2.50% on the Tranche B term loans and 2.00% on the Tranche C term loans (or, to the extent that the LIBOR floor is applicable, 2.75% on the Tranche B term loans and 2.25% on the Tranche C term loans) and reduces the LIBOR floor from 1.25% to 1.00%. The Tranche B and Tranche C term loans now bear interest at a rate of LIBOR plus 3.50% and LIBOR plus 4.75%, respectively (in each case subject to the LIBOR floor).|
"The strong and accelerating performance that we indicated on our last earnings call coupled with favorable market conditions allowed us to reprice our debt agreement on significantly better terms," said Mike Randolfi, CFO of Orbitz Worldwide. "This will provide meaningful cash savings over the coming years."
Alongside the repricing, Orbitz Worldwide reduced the Tranche B term loan maturing in September 2017 from $150 million to $100 million and increased the Tranche C term loan maturing in March 2019 from $300 million to $350 million.
About Orbitz Worldwide
Orbitz Worldwide is a leading global online travel company that uses innovative technology to enable leisure and business travelers to search for, plan and book a broad range of travel products and services including airline tickets, hotels, car rentals, cruises, and vacation packages. Orbitz Worldwide owns a portfolio of consumer brands that includes Orbitz (www.orbitz.com), CheapTickets (www.cheaptickets.com), ebookers (www.ebookers.com) and HotelClub (www.hotelclub.com). Also within the Orbitz Worldwide family, Orbitz Partner Network (www.orbitz.com/OPN) delivers private label travel solutions to a broad range of partners including many of the world's largest airlines, and Orbitz for Business (www.orbitzforbusiness.com) delivers managed corporate travel solutions for corporations.
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Source: Orbitz Worldwide Inc. – PR via Thomson Reuters ONE