Travelport repays $655 million debt with Gullivers Travel sale funds

By Susanna Moon

Chicago, May 6 - Travelport Ltd. repaid $655 million of debt under its senior secured credit agreement with proceeds from the sale of its Gullivers Travel Associates business, according to an 8-K filing with the Securities and Exchange Commission.

The company said it completed the $720 million sale of the Gullivers Travel business to Kuoni Travel Holding Ltd. on Thursday.

Travelport announced its paydown plans on March 7.

The deal was conditioned on the majority approval by Travelport's bank lenders and a vote by the shareholders of Kuoni in favor of a capital increase by Kuoni to finance the transaction.

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

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