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Travelport prices IPO at top of range

Sep. 25, 2014 8:06 AM ETTravelport Worldwide Limited (TVPT) StockBX, TVPTBy: Stephen Alpher, SA News Editor
  • Travelport Worldwide (NYSE:TVPT) raises $480M in its IPO after pricing the deal at the high end of the expected $14-$16 range, giving the company an enterprise value of $4.3B.
  • Blackstone (NYSE:BX) got involved in Travelport in 2006, injecting $775M of equity in a leveraged buyout, later increasing its investment to more than $800. The P-E firm later recouped nearly all of that in a dividend recap ... and then the recession hit.
  • Most of Blackstone's holding in TVPT was wiped out in 2011 when junior creditors took control. Today it owns 9.5% of Travelport and isn't selling any shares in the offering. The proceeds from the IPO will be used to cut debt.

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TVPT--
Travelport Worldwide Limited