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Travelport Worldwide to exchange $181.7 million of notes for stock
By Marisa Wong
Madison, Wis., June 20 – Travelport Worldwide Ltd. entered into separate, individually negotiated private exchange agreements to exchange a combined $181.7 million of Travelport Ltd.’s 11 7/8% senior subordinated dollar notes due 2016, 10 7/8% senior subordinated euro notes due 2016, 13 7/8% senior fixed-rate notes due 2016 and senior floating-rate notes due 2016 for stock, according to an 8-K filing with the Securities and Exchange Commission.
The notes will be exchanged into common shares of Travelport Worldwide at a value of $1.64 per share.
About 113.6 million common shares will be issued in the exchanges, which brings the company’s fully diluted shares outstanding to roughly 1.04 billion.
The company said it will continue to assess and evaluate potential capital markets transactions, including potential debt-for-equity exchanges and similar transactions.
Travelport Worldwide is the parent company of Travelport Ltd., an Atlanta-based provider of transaction processing services to the travel industry.
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