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.
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