Moody's Investors Service ("Moody's") has today withdrawn Travelport Limited's ratings, which were previously under review for downgrade and also withdrawn Travelport Limited's outlook. Headquartered in Langley, United Kingdom, Travelport is a leading travel commerce platform providing distribution, technology, payment and other solutions for the global travel and tourism industry.
Moody's Investors Service, ("Moody's") has affirmed WEX Inc.'s (WEX) Ba2 corporate family, senior secured debt, and senior secured bank credit facility ratings. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating.
LANGLEY, U.K., May 30, 2019 /PRNewswire/ -- Travelport Worldwide Limited (TVPT) ("Travelport" or the "Company"), a leading travel technology company, announced today the completion of its acquisition by affiliates of Siris Capital Group, LLC ("Siris") and Evergreen Coast Capital Corp. ("Evergreen") in an all-cash transaction valued at approximately $4.4 billion. The transaction, which was originally announced on December 10, 2018, was approved by Travelport's shareholders on March 15, 2019. In connection with the closing of the transaction, the Company, which will continue to operate as Travelport Worldwide Limited, will be wholly owned by affiliates of Siris and Evergreen, and Travelport's common shares will be delisted from the New York Stock Exchange. The Board of Directors of the new Travelport operating company will be led by Executive Chairman John Swainson, a Siris executive partner and a former executive at IBM Corporation, CA, Inc. (formerly Computer Associates) and the Dell Software group.
Moody's Investors Service ("Moody's") said WEX Inc.'s (Ba2 negative) announcement that it believes the terms of its 24 January 2020 agreement to acquire eNett International (Jersey) Limited and Optal Limited (collectively eNett) no longer apply because eNett's business has had a material adverse change (MAC) as defined by the purchase agreement is credit poisitive. Although the outcome of WEX's efforts to invoke the MAC clause is uncertain, if it succeeds in avoiding closure of the acquisition or negotiating a lower price than agreed in January, and can avoid or reduce the amount of debt it would need to finance the acquisition, it would avoid a spike in its leverage, a credit positive. WEX expected to fund the $1.7 billion eNett acquisition with $425 million in common shares and $1.2 billion in debt.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Toro Private Holdings II, Limited and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
Moody's Investors Service ("Moody's") has today downgraded Toro Private Holdings II, Limited ("Travelport" or "the company") corporate family rating (CFR) to Caa1 from B3 and its probability of default rating (PDR) to Caa1-PD from B3 PD. A full list of affected ratings is provided towards the end of this press release.
The Insider Monkey team has completed processing the quarterly 13F filings for the March quarter submitted by the hedge funds and other money managers included in our extensive database. Most hedge fund investors experienced strong gains on the back of a strong market performance, which certainly propelled them to adjust their equity holdings so as […]