Travelport to Complete Debt Restructuring

Travelport and its parent holding company, Travelport Holdings,  have successfully obtained the consents to amend the terms of Travelport Holdings’ unsecured payment-in-kind (PIK) term loans, including arrangements that extend the maturity date from 27 March 2012 until 1 December 2016.

During the solicitation of consent for the transaction, Travelport Holdings received unanimous support from all of its lenders under its PIK term loans. Holders of Travelport Limited’s senior secured credit agreement also consented to certain amendments in connection with the proposed restructuring, with approximately 99.3% in aggregate principal amount of the loans outstanding approving the amendment.

“We are very pleased that Travelport Limited and our parent company have received overwhelming support for the modification and extension of its credit facilities,” said Gordon Wilson, President and CEO of Travelport Limited. “We believe this support reflects the strength of our business and the confidence in our vision for the future of the company. With the consents obtained, Travelport Limited will continue to have the financial flexibility to execute our growth strategy. We remain focused on expanding and improving our product and technical platform and building on our position as one of the world’s leading travel content aggregators and transaction processing providers.”

The amendment to the PIK term loans is expected to be consummated today, 3 October 2011.

Travelport was advised by Blackstone Advisory Group, Credit Suisse and UBS in the transactions.

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