Mon 03/27/2023 13:25 PM
Travelport launched an uptier debt exchange today for lenders to the old first lien loans after agreeing on the terms of a transaction with holders of a majority of the tranche, according to sources.
The move will alleviate pressure on liquidity as interest payments on the loans will switch to PIK and sponsors will contribute $200 million of equity, the sources said.
The transaction includes lenders swapping their loans for junior superpriority loans at par with a 1% consent fee paid in...
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