Blackstone Offers Highest Rates on Travelport: Corporate Finance
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Blackstone Group LP is offering the highest interest seen on a loan this year if lenders agree to swap debt in Travelport Ltd. for longer-dated obligations, or else it may put the parent of the second-largest travel-reservation system provider into bankruptcy.
Travelport said in a Sept. 19 regulatory filing that lenders who accept the plan will be paid 13.5 percentage points more than benchmark rates for a $287.5 million term piece, as the Atlanta-based company tries to restructure $715 million of payment-in-kind debt that comes due next year. That margin is the widest on a first-lien loan of more than $100 million this year, according to data compiled by Bloomberg.