Travelport cancels $475 million tender offer for four series of notes

By Angela McDaniels

Tacoma, Wash., Feb. 10 - Travelport LLC terminated the tender offer for four series of its notes, according to a company news release.

The completion of the tender offer was subject to the completion of the initial public offering of Travelport Holdings (Jersey) Ltd. (to be renamed Travelport plc), which was going to become the indirect parent of the company, and the admission of the shares to trading on the London Stock Exchange.

The company said it decided against proceeding with the IPO following a review of market conditions. As a result, this condition will not be satisfied.

The notes eligible for purchase in the offer were Travelport's:

• €161.55 million of senior euro floating-rate notes due 2014;

• $143 million of senior dollar floating-rate notes due 2014;

• €139.75 million of 10 7/8% senior subordinated euro notes due 2016; and

• $443 million of 9 7/8% senior dollar notes due 2014.

The company planned to spend up to $475 million - increased from $350 million - on the offer, excluding accrued interest.

The notes are listed in order of acceptance priority level.

When the offer began on Jan. 20, it included the company's $247.2 million of 11 7/8% senior subordinated dollar notes due 2016. These notes were removed from the offer on Feb. 3.

For each $1,000 or €1,000 principal amount of notes, the company had planned to pay €985 for the euro floating-rate notes, $985 for the dollar floating-rate notes, €1,070 for the 10 7/8% notes and $1,075 for the 9 7/8% notes.

Each of the purchase prices listed above included an early tender premium of €20 or $20 for every floating-rate note tendered, regardless of when, and for 10 7/8% notes and 9 7/8% notes tendered by 5 p.m. ET on Feb. 2, the early tender date.

Holders would have also received accrued interest up to but excluding the settlement date, which was expected to be Feb. 18.

The tender offer was scheduled to expire at 11:59 p.m. ET on Feb. 17.

As of the early tender date, holders had tendered €35,006,000 of euro floating-rate notes, $67,419,000 of dollar floating-rate notes, €36.08 million of 10 7/8% notes and $274,852,000 of 9 7/8% notes.

UBS Securities LLC (203 719-4210 or 888 719-4210) was the dealer manager for dollar-denominated notes, and UBS Ltd. (+44 20 7567 0525) was the dealer manager for euro-denominated notes. The information agent was Global Bondholder Services Corp. (212 430-3774 for banks and brokers, 866 470-4300 for others).

Travelport is an indirect subsidiary of Travelport Ltd., a New York-based provider of transaction processing solutions.

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