UPDATE 1-Orbitz shares fall 2 percent in NYSE debut

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NEW YORK, July 20 (Reuters) - Shares of online travel agency Orbitz Worldwide Inc. (OWW.N: Quote, Profile, Research, Stock Buzz) fell 3 percent in their market debut on Friday from a lowered initial offering price.

Orbitz was spun off from Travelport, which is part-owned by private equity firm Blackstone Group (BX.N: Quote, Profile, Research, Stock Buzz).

Orbitz shares were down 45 cents at $14.55 in morning New York Stock Exchange trade, in a broadly lower market, after dipping as low as $14.25.

Blackstone's shares fell 4.3 percent to $26.16 after dropping to $26.05, their lowest point since the company's $4 billion initial public offering in June.

Orbitz's shares traded at a discount to the initial public offering price of $15 struck on Thursday. The company had expected to sell the stock at $16 to $18.

Travelport, which a Blackstone affiliate bought last year, said late on Thursday it had sold 34 million shares of Orbitz, representing a 40 percent stake in the company.

Orbitz said it would use the net proceeds of about $475 million, plus about $530 million in loans, to issue a dividend and repay debt to Travelport. Travelport will use that money to pay down its own debt.