The global supplier of business travel and meetings solutions, CWT Travel Holdings, Inc. (“CWT”), announced the completion of recapitalization transactions that considerably strengthened and deleveraged its balance sheet, giving it a solid financial basis and improved flexibility.
More than the minimum level of support was provided by CWT’s lenders, noteholders, and preferred and common stock holders for the transactions. Following the completion of these deals, CWT has extended the maturities of its debt, significantly lowered its yearly interest payment, and reduced the amount of outstanding debt by approximately $450 million. Not only have some stakeholders equitized CWT’s senior notes, but they have also contributed extra supplementary cash. Currently, a consolidated group of investors with sizeable capital bases who are dedicated to fostering the company’s long-term growth hold CWT.
Chief Executive Officer Patrick Andersen remarked, “We are happy to have finished these transactions with the strong support of our financial stakeholders, whose constructive participation underscores their continued confidence in CWT.” “With this recapitalization, we have maintained our position as one of the top travel management organizations in the business. In order to adapt to the evolving business travel market, CWT will invest in people and technology, offer best-in-class customer and partner support, and fulfill its product roadmap with a solid financial basis and capital structure.
“Going forward, we’ll keep putting our customers first by offering them more options, customizable solutions, content that works across channels, improved connectivity, and an unrivaled traveler experience and service, all paired with deep data and predictive analytics to drive value,” he said.
Source- Travel daily