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AXA Private Equity, Permira-backed Odigeo refinances senior debt

28 Jan 2013

holiday travel beach_sqOdigeo, a portfolio company of AXA Private Equity and Permira and Europe’s largest online travel agency, has placed €325m of bonds in a bid to refinance its senior debt.

The five-year secured bonds were placed through Credit Suisse, Goldman Sachs, Lloyds Banking Group, Societe Generale and UBS, and priced at 7.5 per cent par to yield.

Proceeds will be used to fully repay Odigeo’s existing term loan A and term loan B, under which €144.7m and €170m were outstanding respectively.

The company still has €104.7m undrawn from its €130m six-year revolving credit facility.

AXA and Permira bought online travel agent Opodo in 2011 from Amadeus for €450m through their portfolio companies Go Voyages and eDreams, with they later merged to create Odigeo.

Reports in September last year said AXA and Permira were considering an initial public offering for the business, in a listing that could have valued it at up to €1.5bn.

The private equity firms were understood to have held discussions with banks over a potential IPO this year, although no banks had been hired at that point and no final decision had been made.

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