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 Share % by Volume
1 Societe Generale 13.43
2 Rabobank 12.61
3 Morgan Stanley 10.27
4 Barclays 7.86
5 Natwest Markets (RBS) 7.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Mar 2017
1 Bank of America Merrill Lynch 18,561.02 56 11.69%
2 Wells Fargo Securities 18,160.90 57 11.44%
3 JPMorgan 12,092.45 38 7.62%
4 Citi 11,878.92 43 7.48%
5 Credit Suisse 9,276.87 26 5.84%