* Blackstone-controlled Travelport Worldwide files for IPO
* Lists Morgan Stanley and UBS as lead underwriters
* To use proceeds from offering to repay debt
(Adds background, details from filing)
June 4 Airline ticketing company Travelport
Worldwide Ltd, controlled by private equity firm Blackstone
Group LP, filed with U.S. regulators on Wednesday to
raise up to $100 million in an initial public offering of common
The Atlanta, Georgia-based company listed Morgan Stanley and
UBS Securities as lead underwriters for the offering. (r.reuters.com/ted89v)
Travelport Worldwide, which has about a 37 percent stake in
global online travel company Orbitz Worldwide Inc,
intends to list its common stock under the symbol "TVPT".
The company counts TCV Funds and Morgan Stanley Funds among
its shareholders and said it intended to use the proceeds from
the offering for to repay debt. The company had about $3.4
billion in debt as of March 31.
Travelport Worldwide competes with travel distributors such
as Abacus and Amadeus, and business booking travel sites such as
eTravel and Egencia.
The company reported a bigger net loss of $27 million for
the three months ended March 31, compared with $22 million a
year earlier. Net revenue rose 4 percent to $572 million in the
Travelport Worldwide called off its $1.78 billion London
listing in 2010, citing poor market conditions. (link.reuters.com/fud89v)
The filing did not reveal how many shares the company
planned to sell or the exchange it planned to list on.
Blackstone and Technology Crossover Ventures (TCV) bought
Travelport for $4.3 billion from conglomerate Cendant in 2006.
Shares of Sabre Corp, the airline ticketing
technology provider that also owns online travel agency
Travelocity, rose as much as 7 percent in their market debut in
The amount of money a company says it plans to raise in its
first IPO filings is used to calculate registration fees. The
final size of the IPO could be different.
(Reporting By Neha Dimri in Bangalore; Editing by Ted Kerr and