By Devika Patel
Knoxville, Tenn., Nov. 5 - Orbitz Worldwide, Inc. said it negotiated a private placement of stock for $50 million.
The company will sell 9,025,000 common shares at $5.54 per share to Travelport.
Proceeds will be used for general corporate purposes, which could include additional investments and debt repayments.
The company also announced that PAR Investment Partners has agreed to exchange $49.68 million of the company's senior term debt for 8.16 million shares, which were issued at the same price as the shares sold in the placement.
Orbitz is a Chicago-based online travel company.
| Issuer: | Orbitz Worldwide, Inc.
|
| Issue: | Common stock
|
| Amount: | $50 million
|
| Shares: | 9,025,000
|
| Price: | $5.54
|
| Warrants: | No
|
| Investor: | Travelport
|
| Pricing date: | Nov. 5
|
| Stock symbol: | NYSE: OWW
|
| Stock price: | $5.41 at close Nov. 4
|
| Market capitalization: | $453 million
|
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