Davis Polk advised Orbitz Worldwide, Inc. (Orbitz) in connection with its new $515 million senior secured credit agreement consisting of four and one-half year tranche B term loans in an initial aggregate principal amount of $150 million, six year tranche C term loans in an initial aggregate principal amount of $300 million and a four and one-half year revolving credit facility in an initial aggregate principal amount of $65 million. Proceeds from the term loans were used to repay in full the outstanding indebtedness under Orbitz’s existing credit facility. Loans and letters of credit will be available under the revolving facility for working capital and general corporate purposes.
Orbitz, based in Chicago, Illinois, is a leading global online travel company that enables travelers to research, plan and book a range of travel products and services, including air travel, hotels, vacation rentals, car rentals and cruises. Orbitz provides its services through a global brand portfolio that includes Orbitz, CheapTickets, the Away Network, ebookers, HotelClub and RatesToGo.
The Davis Polk credit team included partner Lawrence E. Wieman, associates Stevan R.B. Nicholas and Hilary Dengel and law clerk Michael Comstock. Partner Samuel Dimon and associate Yuliya Epifantseva provided tax advice. Counsel Catherine L. Martin provided Investment Company Act advice. Counsel Jeanine P. McGuinness provided OFAC advice. Counsel Hayden S. Baker and associate Kevin J. Klesh provided environmental advice. Counsel Susan D. Kennedy provided real estate advice. Associate Pritesh P. Shah provided intellectual property advice. Associate Veronica M. Wissel provided employee benefits advice. Megan M. Teixeira was the legal assistant for the transaction. Members of the Davis Polk team are based in the New York and Washington DC offices.
