Worldspan receives consents to amend 9 5/8% notes

New York, Feb. 7 - Worldspan LP and WS Financing Corp. said they have received the necessary consents to amend their $280 million principal amount of 9 5/8% senior notes due 2011.

By the consent deadline of 5 p.m. ET on Feb. 4, Worldspan had received tenders and consents for $247.1 million or 98.84% of the notes.

Worldspan has executed a supplemental indenture with the changes, but it will not become effective until the company buys the notes, expected to be on Feb. 11.

On Feb. 4 Worldspan set pricing in the tender offer and consent solicitation at $1,171.64 per $1,000 principal amount for holders who tendered by the consent deadline, including a $30.00 consent fee.

Holders who tender after will receive $1,141.64 per $1,000 principal amount.

Worldspan will also pay accrued interest up to but excluding the settlement date.

Worldspan announced the tender on Jan. 25 and also said it was soliciting consents to eliminate substantially all of the restrictive covenants and certain default provisions in the note indenture. Worldspan needs the consent of holders of a majority of the principal amount of the notes not owned by the issuers or their affiliates.

Holders cannot tender without delivering a consent or vice versa.

The tender ends at 11:59 p.m. ET on Feb. 22.

For each $1,000 principal amount of notes, Worldspan is offering a price calculated on Feb. 4 based upon a fixed spread of 50 basis points over the yield on the 3 1/8% U.S. Treasury note due May 15, 2007. The total includes a consent payment of $30.00 per $1,000 principal amount that will only be paid to holders who tender by the consent deadline.

J.P. Morgan Securities Inc. is dealer manager and solicitation agent (call Leonard Carey, High Yield Capital Markets collect at 212 270-9769). MacKenzie Partners, Inc. is the information agent (call collect 212 929-5500 or 800 322-2885).

Worldspan is an Atlanta-based provider of electronic data services to the travel industry.

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