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) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 120,318.45 348 12.72%
2 Bank of America Merrill Lynch 104,269.08 299 11.02%
3 Wells Fargo Securities 88,761.07 266 9.38%
4 JPMorgan 69,240.12 209 7.32%
5 Credit Suisse 51,560.77 157 5.45%