Orbitz Refinances Debt With $450 Million in Term Loans

CHICAGO (AP) -- Orbitz Worldwide (NYSE: OWW  ) said Tuesday that it refinanced debt and obtained $450 million in senior secured term loans.

The online travel company got a $150 million loan that matures in September 2017 and a $300 million loan that matures in March 2019.

Orbitz said it used some of the borrowing ability along with cash to refinance $415 million in debt that was scheduled to mature in July 2014. Also, it said that $50 million will be used to cash collateralize letters of credit.

And Orbitz said it got a new $65 million revolving credit facility to replace a $72.5 million account that was due to mature in July.

Shares of the Chicago company rose 6 cents to $5.72 in afternoon trading. In the past year, the stock has ranged from $2.07 to $5.99 earlier this month.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2332610, ~/Articles/ArticleHandler.aspx, 8/23/2014 3:36:34 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement