Travelport announces equity valuation range for IPO

Travelport announced (01-Feb-2010) a USD3.05-3.45 billion equity valuation range for its proposed IPO on the London Stock Exchange. Approximately USD1,775 million is to be raised from the offering through the issue of 382.5-528.3 million shares at an offer price expected to be between GBP2.10 and GBP2.90. The Government of Singapore Investment Corporation (GIC) has invested, pursuant to an agreement signed in Dec-2009, USD225 million in Travelport's current ultimate parent entity. This will result in GIC owning a 7.19% shareholding in Travelport upon completion of the offer, which will be subject to a 180-day lock-up. Net proceeds will be used primarily to reduce the company's indebtedness. There is an over-allotment provision of up to 15% of the offer.