Orbitz Disappoints With $15 Per Share IPO Price
JULY 20, 2007. Orbitz Worldwide has priced the initial public offering at $15 per share, according to media reports this is below expectations. Orbitz's portfolio of brands includes Cheaptickets, ebookers.com, and HotelClub. The offering of 34 million shares was expected to price in the range of $16 to $18.
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.
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.
Morgan Stanley & Co. Incorporated, Goldman Sachs & Co., Lehman Brothers Inc. and J.P. Morgan Securities Inc. are the global coordinators with Credit Suisse and UBS Investment Bank acting as joint lead managers. Thomas Weisel Partners LLC, Pacific Crest Securities, Piper Jaffray, and Stifel Nicolaus are co-managers of the offering.
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