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) 4,755 19 11.75
2 Citi 4,288 14 10.60
3 Rabobank 2,633 4 6.51
4 Goldman Sachs 2,615 4 6.46
5 Barclays 2,603 8 6.43

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 Citi 82,367.33 238 12.89%
2 Bank of America Merrill Lynch 71,317.58 219 11.16%
3 Wells Fargo Securities 62,984.09 198 9.86%
4 JPMorgan 45,920.23 145 7.19%
5 Credit Suisse 37,235.50 114 5.83%