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Orbitz Worldwide Inc Refinances Term Loan


Tuesday, 26 Mar 2013 09:03am EDT 

Orbitz Worldwide Inc announced it has secured new $450 million senior secured term loans consisting of a $150 million Tranche B term loan maturing in September 2017 and a $300 million Tranche C term loan maturing in March 2019. A portion of the net proceeds from the term loans, together with cash from the Company's balance sheet, was used to refinance $415 million of existing debt, which was scheduled to mature in July 2014, and $50 million are to be used to cash collateralize letters of credit. The Company also secured a new $65 million revolving credit facility replacing its $72.5 million revolving credit facility, which was scheduled to mature in July 2013. The revolving credit facility will be used for general corporate purposes. 

Company Quote

8.19
0.12 +1.49%
16 Sep 2014