Published on Tuesday, May 17, 2011
Travel technology giant Amadeus has refinanced its bank debt to obtain unsecured credit facilities of €2.7bn.
This includes a $900m four and a half year loan, a €1.2bn bridge loan for an initial period of year, a further €400m bridge loan to be repaid following the sale of Opodo, and a €200m revolving credit facility for the next two years.
Amadeus chief financial officer Ana de Pro said: “With this agreement we achieve one of the objectives set out in our long-term strategy, to strengthen the financial structure of the business through less expensive and more flexible debt."
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The recent insolvency of Low Cost Travel Group, one of the large players in the travel industry had a big impact on the travelers, hotels and all related players from both wholesale & retail arms. There were about 27,000 people on a holiday who had booked through the company comprised of a €200 million wholesale arm and €500 million OTA / retail arm.