Orbitz Worldwide (OWW) IPO Trades Lower
Up)
The IPO of Orbitz Worldwide, Inc. (NYSE: OWW) is open for trading. The stock is trading at $14.32 after pricing 34 million shares at $15, below the expected $16-$18 range.
The net proceeds from the offering will be approximately $474.8 million. Orbitz Worldwide will use all of the net proceeds from the offering plus approximately $530 million of borrowings under its new senior secured credit agreement to repay indebtedness it owes to Travelport and, immediately prior to the offering, to pay a dividend to Travelport.
Morgan Stanley & Co. Incorporated, Goldman Sachs & Co., Lehman Brothers Inc. and J.P. Morgan Securities Inc. are the global coordinators with Credit Suisse and UBS Investment Bank acting as joint lead managers. Thomas Weisel Partners LLC, Pacific Crest Securities, Piper Jaffray, and Stifel Nicolaus are co-managers of the offering.
Orbitz Worldwide is a leading global online travel company that uses innovative technology to enable leisure and business travelers to research, plan and book a broad range of travel products.
The net proceeds from the offering will be approximately $474.8 million. Orbitz Worldwide will use all of the net proceeds from the offering plus approximately $530 million of borrowings under its new senior secured credit agreement to repay indebtedness it owes to Travelport and, immediately prior to the offering, to pay a dividend to Travelport.
Morgan Stanley & Co. Incorporated, Goldman Sachs & Co., Lehman Brothers Inc. and J.P. Morgan Securities Inc. are the global coordinators with Credit Suisse and UBS Investment Bank acting as joint lead managers. Thomas Weisel Partners LLC, Pacific Crest Securities, Piper Jaffray, and Stifel Nicolaus are co-managers of the offering.
Orbitz Worldwide is a leading global online travel company that uses innovative technology to enable leisure and business travelers to research, plan and book a broad range of travel products.
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