CWT Travel Holdings, Inc. (“CWT”), the global business travel and meetings solutions provider, announced it has completed recapitalization transactions that have significantly strengthened and deleveraged its balance sheet and provides a strong financial foundation with enhanced flexibility.
The transactions received overwhelming support beyond the required amount from CWT’s lenders, noteholders, and preferred and common equity holders. With consummation of these transactions, CWT has reduced its outstanding debt by over $450 million, substantially decreased its annual interest expense, and extended its debt maturities. In addition to equitizing CWT’s senior notes, certain stakeholders have also provided additional incremental liquidity. CWT is now owned by a consolidated group of investors with substantial capital bases committed to supporting the long-term growth of the business.
“We are pleased to have completed these transactions with the strong support of our financial stakeholders, whose constructive participation underscores their continued confidence in CWT,” said CEO Patrick Andersen. “This recapitalization has solidified our position as one of the industry’s leading travel management companies. With a strong financial foundation and capital structure, CWT will provide best-in-class service to customers and partners, invest in technology and people, and deliver on our product roadmap to meet the changing landscape of business travel.”
He continued, “As we move forward, we will continue to focus on providing our customers with greater choice, configurable solutions, channel-agnostic content, enhanced connectivity, and an unmatched traveler experience and service, coupled with deep data and forward-looking analytics to drive value.”