Worldspan Recaps In Preparation For Travelport Takeover

Worldspan has tapped Credit Suisse, Lehman Brothers and UBS for a $1 billion credit facility, expected soon, to fund a dividend recapitalization to existing shareholders.

  • 08 Dec 2006
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Worldspan has tapped Credit Suisse, Lehman Brothers and UBS for a $1 billion credit facility, expected soon, to fund a dividend recapitalization to existing shareholders. The deal comprises a $50 million revolver, a $700 million first-lien term loan and a $250 million second-lien term loan. Pricing could not be determined by press time.

Worldspan announced last Thursday it would be acquired by rival travel resource company Travelport in a transaction that values the company at approximately $1.4 billion. Worldspan is currently owned by Court Square Capital Partners and Ontario Teachers' Pension Plan. The recap is intended to be phase one of the eventual sale to Travelport, according to a Moody's Investors Service release. As part of the recapitalization, Travelport and one of its parent companies each loaned $125 million to Worldspan in exchange for a payment-in-kind note.

The bank trio also financed The Blackstone Group's $4.3 billion acquisition of Travelport from Cendant Corp. back in July (CIN, 7/21). Calls to spokesmen at Worldspan and Travelport were not returned.

  • 08 Dec 2006

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 3,136 9 12.62
2 Citi 2,562 6 10.31
3 Goldman Sachs 2,150 3 8.65
4 Credit Suisse 1,822 6 7.33
5 Societe Generale 1,814 4 7.30

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 22 May 2017
1 Citi 41,255.30 117 12.99%
2 Bank of America Merrill Lynch 37,631.92 109 11.85%
3 Wells Fargo Securities 32,082.26 89 10.11%
4 JPMorgan 20,969.41 64 6.60%
5 Credit Suisse 16,754.47 44 5.28%