Online travel company Orbitz Worldwide has priced the initial public offering of 34,000,000 shares of common stock at $15.00 per share. (7/20/2007)
Orbitz Worldwide will use all of the net proceeds from the offering plus approximately $530 million of borrowings under its new senior secured credit agreement to repay indebtedness it owes to Travelport and, immediately prior to the offering, to pay a dividend to Travelport.
The common stock will trade on the New York Stock Exchange under the symbol OWW.
Orbitz Worldwide has granted the underwriters a 30-day option to purchase up to 5,100,000 additional shares of Orbitz Worldwide common stock at the public offering price. The completion of the initial public offering is scheduled for Wednesday, July 25, 2007, subject to customary closing conditions.