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Travelport Completes Financing Exchange Transactions and Files Stipulation with Lenders Dismissing Outstanding Litigation and Claims

September 28, 2020

Press release

LANGLEY, U.K., September 28, 2020 – Travelport Worldwide Limited ("Travelport" or the "Company"), a leading travel technology company, today announced that it has completed its previously announced financing, open market purchase and exchange transactions, pursuant to which, among other things, the Company’s existing lenders provided $500 million of new money financing, with additional funding capacity available. The proceeds from the transactions provide the Company with ample liquidity to invest in its industry-leading technology and next-generation platform to help ensure it is positioned for growth as travel continues to return. The transactions also provide Travelport with significant annualized cash interest savings and extended debt maturity dates. 

The completed transaction, which was open to all lenders on a pro rata basis, received support from approximately 98% of the Company’s first lien lenders, including 100% of the Company’s revolving lenders, and 100% of Travelport’s second lien lenders. In conjunction with the transactions, the Company and the agent for the lenders have filed a stipulation dismissing all outstanding litigation claims against one another.

Greg Webb, Chief Executive Officer of Travelport, stated, “We are pleased to move forward with a fortified capital structure in partnership with our owners and lenders. The new money and the additional financing capacity from the completed transactions will enable Travelport to continue to meet and exceed our customers’ needs and benefit from the ongoing rebound in travel.”

Travelport’s outstanding debt now comprises a Priority Lien Term Loan totaling $1.63 billion, including the $500 million of new funding, due February 2025, and a First Lien Term Loan totaling $2.05 billion due May 2026. The Company’s Second Lien Term Loan and Revolving Credit Facilities have been terminated.

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