Orbitz Worldwide (OWW) Announces $100M Equity Investment
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In addition to earnings, Orbitz Worldwide, Inc. (NYSE: OWW) announced an equity investment totaling $100 million.
In the first transaction PAR Investment Partners has entered into a definitive agreement to exchange $49.68 million of senior term debt for 8.16 million shares of the Company's common stock. In the second transaction, Travelport has entered into a definitive agreement to make a $50 million investment in the Company's common stock. Both equity investments were priced at $5.54 per share based on the market closing price of the Company's common stock on Tuesday, November 3, 2009. These investments are expected to close in January 2010.
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