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Travelport Worldwide has secured access to US$1 billion in new financing as the company seeks to overcome a collapse in demand following the coronavirus pandemic.
The cash comes in commitments for $500 million in financing from affiliates of existing owners, Siris Capital Group and Evergreen Coast Capital, and the private equity affiliate of Elliott Management Corporation.
Also include is an additional $500 million of available financing capacity.
The investment provides Travelport with the liquidity needed to continue to exceed the expectations of its customers despite the impact of the Covid-19 pandemic.
“Covid-19 and the governmental response to the pandemic has had a negative impact on the travel industry, including our business, and we appreciate the increased support from Siris and Evergreen as we work to get through this challenging time,” said Greg Webb, chief executive of Travelport.
“Their unwavering commitment and new capital ensure that we can continue to meet the needs of our customers, support our employees and take steps to emerge from this global health crisis in a strong position.
“With the support of our investment partners, we are confident in the long-term viability of our business and we remain committed to continued technology investments and our transition to a next-generation platform.”
Travelport operates a travel commerce platform providing distribution, technology, travel payment and other solutions for the global travel and tourism industry.
Frank Baker, managing partner of Siris Capital, commented: “Siris is committed to Travelport’s future success and growth, and our priority is maintaining the company’s position as the industry partner of choice.
“We remain optimistic about the future trajectory of the business as the company takes steps to increase its resiliency and emerge from the current crisis.”
Rival Sabre earlier announced it would be downsizing its business in response to the crisis, while Amadeus has also sought to raise fresh liquidity.
Source: breakingtravelnews.com
