December 27, 2014 2:51 PM ET

Internet Software and Services

Company Overview of Travelport Limited

Company Overview

Travelport Limited provides aggregation, search, and transaction processing services to travel providers, and online and offline travel agencies worldwide. It allows travel agencies to search, compare, process, and book itinerary and pricing options across various travel providers; and hosts mission critical applications, and provides business and data analysis solutions to airlines. The company connects travel providers with travel agencies in approximately 170 countries to distribute supplier inventory that is aggregated from airlines, hotels, car rental companies, rail networks, cruise and tour operators, and destination service providers. It provides travel distribution services to appro...

300 Galleria Parkway

Atlanta, GA 30339

United States

Founded in 1971

3,500 Employees

Phone:

770-563-7400

Key Executives for Travelport Limited

Chief Executive Officer
Age: 47
Chief Financial Officer and Executive Vice President
Age: 50
Chief Executive of IT Services & Software
Chief Executive Officer of Consumer and New Ventures
Chief Commercial Officer and Executive Vice President
Age: 43
Compensation as of Fiscal Year 2014.

Travelport Limited Key Developments

Travelport Limited, Travelport Finance (Luxembourg) Announce Senior Secured Credit Agreement with Deutsche Bank

On September 2, 2014 Travelport Limited, Travelport Finance (Luxembourg) S.a.r.l., their wholly-owned subsidiary (the Borrower) and certain of Travelport's other subsidiaries organized in the United States and certain other jurisdictions acting as guarantors (together with Travelport, the Guarantors), entered into: (i) a senior secured credit agreement (the Credit Agreement) with Deutsche Bank AG New York Branch (Deutsche Bank), as Administrative Agent, Collateral Agent and L/C Issuer, and each lender from time to time party thereto (the Lenders) and (ii) a senior unsecured bridge loan agreement in an aggregate principal amount of $425,000,000 (such loans, together with any high yield debt securities issued in connection with or in exchange therefor, the Bridge Facility and such agreement, the Bridge Agreement; the Bridge Facility, together with the First Lien Credit Facilities (as defined below), the Credit Facilities). Under the Credit Agreement, the Lenders agreed to extend credit to the Borrower in the form of (A) initial secured term loans in an aggregate principal amount equal to $2,375,000,000 (the Term Loans) and (B) a revolving credit facility in an aggregate principal amount equal to $100,000,000 (the Revolving Credit Facility, and together with the Term Loans, the First Lien Credit Facilities). The Revolving Credit Facility contains a letter of credit sub-facility, and the Credit Agreement permits the issuance of certain cash collateralized letters of credit in addition to such sub-facility. The Credit Agreement also includes customary uncommitted incremental facility provisions, including the ability to increase the Revolving Credit Facility by $50,000,000 (subject to customary closing conditions). At the Closing Date, the full amount of the Term Loans and the Bridge Facility were drawn, but the Borrower did not borrow under the Revolving Credit Facility (other than the deemed issuance of certain existing letters of credit). The proceeds of the Term Loans, together with borrowings under the Bridge Facility were, among other things, used to: (i) repay the indebtedness outstanding under Travelport LLC's Sixth Amended and Restated Credit Agreement (the First Lien Credit Agreement) and Second Lien Credit Agreement (the Second Lien Credit Agreement), (ii) redeem the following outstanding debt securities issued by Travelport LLC and Travelport Holdings Inc. (the Issuers) and satisfy and discharge the indentures under which each series of Notes (as defined below) was issued: (A) Senior Floating Rate Notes due 2016, (B) 13.875% Senior Fixed Rate Notes due 2016, (C) 11.875% Senior Subordinated Fixed Rate Notes due 2016, (D) 11.875% Dollar Senior Subordinated Fixed Rate Notes due 2016 and (E) 10.875% Senior Subordinated Euro Fixed Rate Notes due 2016 (collectively, the Notes) and (iii) finance the transaction expenses for the foregoing. The Revolving Credit Facility will mature five years from the Closing Date. The Term Loans will mature seven years from the Closing Date. The Bridge Facility will initially mature on November 13, 2014. Subject to certain conditions, if any loans under the Bridge Facility have not been repaid in full on or prior to November 13, 2014, 100% of the aggregate principal amount of such Bridge Facility may be refinanced on such date or extended to August 15, 2022. The principal amount of the Term Loans amortizes in quarterly installments, commencing with the full fiscal quarter after the Closing Date, equal to 0.25% of the original principal amount of the Term Loans, with the balance payable at maturity. The Bridge Facility has no amortization.

Travelport Limited Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

Travelport Limited reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net revenue of $551 million against $537 million a year ago. Operating income was $60 million against $56 million a year ago. Income before income taxes and share of earnings in equity method investments was $16 million against loss before income taxes and share of earnings in equity method investments of $97 million a year ago. Adjusted EBITDA was $146 million against $139 million a year ago. For the six months, the company reported net revenue of $1,123 million against $1,085 million a year ago. Operating income was $135 million against $125 million a year ago. Income before income taxes and share of earnings in equity method investments was $3 million against loss before income taxes and share of earnings in equity method investments of $98 million a year ago. Adjusted EBITDA was $297 million against $280 million a year ago. Net cash provided by operating activities was $42 million against $12 million a year ago. Property and equipment additions were $54 million against $46 million a year ago.

Travelport Limited Announces Launch of Debt Refinancing Transaction

Travelport Limited announced the launch of a debt refinancing transaction. Travelport, through its wholly-owned Luxembourg subsidiary, is seeking commitments from lenders (i) under a new senior secured credit facility for an aggregate principal amount of $2,400 million, and currently expects the new senior secured credit facility to be comprised of (a) a single tranche of term loans of $2,300 million maturing in 2021 and (b) a revolving credit facility of $100 million maturing in 2019 and (ii) under a senior unsecured bridge loan facility in an aggregate principal amount of $500 million (together with any high yield debt securities issued in connection with or in exchange therefore, the Bridge Facility). The net proceeds of the term facility, together with borrowings under the bridge facility, will, among other things, be used to (i) repay certain of the indebtedness outstanding under the first and second lien term loans under Travelport LLC's Sixth Amended and Restated Credit Agreement and Second Lien Credit Agreement and (ii) redeem certain of the following outstanding debt securities issued by Travelport LLC and Travelport Holdings Inc.: (A) Senior Floating Rate Notes Due 2016, (B) 13.875% Senior Fixed Rate Notes Due 2016, (C) 11.875% Senior Subordinated Fixed Rate Notes Due 2016, (D) 11.875% Dollar Senior Subordinated Fixed Rate Notes Due 2016 and (E) 10.875% Senior Subordinated Euro Fixed Rate Notes Due 2016.

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