Media centre

All Group media enquiries should be directed to
Vanessa Maydon, Corporate Affairs Director.

Cinven Partners LLP
Warwick Court
Paternoster Square
London EC4M 7AG

Tel: +44 (0)20 7661 3325
Mob: +44 (0)7802 961 902
Email: Vanessa Maydon

Press releases

Amadeus
17 May 2011

Amadeus signs agreement for the refinancing of its debt

The deal brings more flexibility, reduces costs and allows the diversification of funding sources

Madrid, Spain, 17 May 2011: Amadeus, a leading travel technology partner and transaction processor for the global travel and tourism industry, today announces anagreement to refinance its current bank debt through a new senior unsecured creditfacility.

The agreed refinancing is structured via a “club deal” carried out by Banco Bilbao Vizcaya Argentaria, S.A., The Bank of Tokyo-Mitsubishi UFJ, Ltd., Deutsche Bank AG, London Branch, ING Belgium, S.A. Sucursal en España, J.P. Morgan plc., Morgan Stanley Senior Funding, Inc., NATIXIS, and The Royal Bank of Scotland, plc. in order to obtain senior unsecured credit facilities of a total of €2.7 billion.

This new senior credit facility will be structured under the following tranches:

  • Tranche A: €900 million loan with a four and a half year maturity from the date of the agreement. The average duration of the loan is three years when considering the annual amortisations expected. Tranche A is a facility that can be partially withdrawn in USD.
  • Tranche B: €1.2 billion bridge loan with initial maturity of one year, plus two optional extensions of six-months each, at the election of the Company.
  • Tranche C: €400 million bridge loan of six months plus one optional extension of six months at the election of the Company.
  • Tranche D: €200 million revolving credit facility with a two year maturity period from the date of the agreement. The average length of the credit facility is 1.33 years when considering the amortisations expected.

The bridge loan (Tranche B) will allow access to capital markets (bonds) as the Company’s intention is to diversify its sources of financing.

Tranche C is also a bridge loan which will be repaid with the proceeds of the sale of
Opodo, Ltd. as soon as the deal receives the corresponding approval of the competition authorities.

Additionally, Tranche D is a revolving credit facility that could be used to cover working
capital needs.

Ana de Pro, Chief Financial Officer, Amadeus comments:

“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. Through this deal we take the first step towards giving Amadeus more flexibility through extended maturity periods and improved terms and conditions. In addition, once the bridge loan (Tranche B) has been taken out with bonds, Amadeus will have diversified its sources of financing. Overall, this refinancing will allow us to significantly decrease the cost of servicing our debt, which currently has a spread of around 3.60 per cent. The refinancing agreed has an initial cost (over the variable interest rate of Euribor / US Libor) of 1.14 per cent, calculated considering the current level of leverage and the weighting of the various factors of the financing However the final cost of our debt will depend on several factors, namely the future degree of leverage of the company, the extent to which we use the extensions contemplated in the bridge loans, and the eventual margin of the bonds that will substitute the Tranche B loan.”

Portfolio company videos

 Clinical Trials

Bioclinica

Clinical Trials

 Travel services provider

Hotelbeds Group

Travel services provider

 Truck component manufacturer

Jost

Truck component manufacturer

 Footwear and accessories retailer

Kurt Geiger

Footwear and accessories retailer

 Contract research organisation

Medpace

Contract research organisation

 Electronic security and alarm systems

Pronet

Electronic security and alarm systems

 Property valuation and advisory services

Tinsa

Property valuation and advisory services

 Ufinet is a neutral telecom operator.

Ufinet

Ufinet is a neutral telecom operator.

 Business services software

Visma

Business services software

Media contacts

Cinven

Vanessa Maydon
Corporate Affairs Director
Tel : +44 (0)20 7661 3325
Mob : +44 (0)7802 961 902
Email : Vanessa Maydon

Clare Bradshaw
Communications Manager
Tel : +44 (0)20 7667 3248
Mob : +44 (0)7881 918 967
Email : Clare Bradshaw

UK - FTI Consulting

Edward Bridges
Tel : +44 (0)20 7269 7147
Mob : +44 (0)7768 216 607
Email : Edward Bridges

Stephanie Ellis
Tel : +44 (0)20 3727 1173
Mob : +44 (0)7890 543 056
Email : Stephanie Ellis

France โ€“ FTI Consulting

Guillaume Granier
Tel : +33 (0)1 47 03 68 61
Mob : +33 (0)6 32 65 79 28
Email : Guillaume Granier

Caroline Guilhaume
Tel : +33 (0)1 47 03 68 17
Mob : +33 (0)6 38 91 88 51
Email : Caroline Guilhaume

Germany - FTI Consulting

Lutz Golsch
Tel : +49 (0)69 920 37 110
Mob : +49 (0)173 651 7710
Email : Lutz Golsch

Daniel Herbert
Tel : +49 (0)69 920 37 183
Mob : +49 (0)151 122 63834
Email : Daniel Herbert

US - Joele Frank

Jonathan Keehner
Tel : +1 212.355.4449
Mob : +1 917 589 2073
Email : Jonathan Keehner

Julie Oakes
Tel : +1 212.355.4449
Mob : +1 917 574 7263
Email : Julie Oakes

Spain โ€“ Groupo Albion

Alejandra Moore Mayorga
Tel : +34 91 531 23 88
Email : Alejandra Moore Mayorga

Sofia Garcia
Tel : +34 91 531 23 88

Italy โ€“ Community Group

Roberto Patriarca
Tel : +39 02 89 40 42 31
Mob : +39 335 65 09 568
Email : Roberto Patriarca

Marco Pedrazzini
Tel : +39 02 89 83 66 21
Mob : +39 347 0369 222
Email : Marco Pedrazzini