LANGLEY, England, March 17, 2015 /PRNewswire/ --
Travelport (NYSE: TVPT), a leading Travel Commerce Platform providing distribution, technology, payment and other solutions for the $7 trillion global travel and tourism industry, has today announced that it has reduced interest payments on its term loans following a credit rating upgrade from Standard and Poor's to a "B" rating and "Outlook Positive". This follows a similar upgrade from Moody's, who moved Travelport's credit rating to a B2 in September 2014 following the Company's successful IPO on the New York Stock Exchange.
As a result, there is an immediate reduction in the margin on Travelport's term loans of 0.25% which equates to an annual interest payment saving of approximately $6m.
The decision by Standard and Poor's to upgrade Travelport was made after Travelport reported its fourth quarter and full year results for 2014 last month.
Travelport has already successfully reduced its interest payments through a series of deleveraging activities successfully concluded in 2014 to the tune of approximately $1.4 billion inclusive of its IPO in September 2014.
Travelport is a Travel Commerce Platform providing distribution, technology, payment and other solutions for the $7 trillion global travel and tourism industry. With a presence in over 170 countries, approximately 3,400 employees and 2014 net revenue of $2.1 billion, Travelport is comprised of:
- A Travel Commerce Platform through which it facilitates travel commerce by connecting the world's leading travel providers with online and offline travel buyers in a proprietary business to business ("B2B") travel marketplace. In addition, Travelport has leveraged its domain expertise in the travel industry to design a pioneering B2B payment solution that addresses the needs of travel intermediaries to efficiently and securely settle travel transactions.
- Technology Services through which it provides critical IT services to airlines, such as shopping, ticketing, departure control and other solutions, enabling them to focus on their core business competencies and reduce costs.
Travelport is headquartered in Langley, UK. The Company is listed on the New York Stock Exchange and trades under the symbol "TVPT".