Travelport LBO financing to be led by Credit Suisse, Lehman, UBS

By Sara Rosenberg

New York, June 30 - Travelport Corporate Solutions Inc. plans to obtain new debt financing via lead banks Credit Suisse, Lehman Brothers and UBS to help fund its buyout by The Blackstone Group, according to an informed source.

Blackstone is acquiring Travelport from Cendant Corp. for $4.3 billion in cash.

The completion of the transaction is subject to satisfaction of customary conditions to closing, including the receipt of applicable regulatory approvals, and is expected to close in August.

As part of the sale of Travelport, Cendant plans to spin off its Realogy Corp. and Wyndham Worldwide Corp. subsidiaries in late July, and will use proceeds from the sale of Travelport to reduce debt at Realogy and Wyndham. Following completion of the transactions, Realogy is expected to have a debt level of around $750 million and Wyndham is expected to have a debt level of around $600 million.

Travelport is a Parsippany, N.J.-based travel distribution services company.

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