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CWT to restructure US$1.5bn debt pile

CWT has sought to refinance its operations after a tumultuous 18-month interval within the company journey sector.

The corporate has entered into an settlement with monetary stakeholders representing over 90 per cent of its excellent debt.

The deal is designed to recapitalise the enterprise and additional strengthen its monetary place because the restoration in enterprise journey continues to realize momentum in key markets around the globe.

Key phrases of the settlement, entered into with monetary stakeholder Barings, amongst others, embody the addition of $350 million of latest fairness capital into the enterprise.

On the similar time, virtually $900 million of debt can be eradicated by changing the prevailing $1.5 billion in debt with new first lien debt of $625 million issued at market charges and a brand new undrawn revolving credit score facility.


CWT stated it expects to start soliciting formal approval of the plan from its current monetary stakeholders within the subsequent few weeks and to finalise implementation of the plan later this yr.

“That is nice information for CWT and our stakeholders, highlighting the progress we’ve made to place CWT for long-term success and offering vital monetary assets to additional develop and develop our enterprise,” stated Michelle McKinney Frymire, CWT chief govt.

“This is a vital and thrilling time for journey, because the {industry} is seeing significant will increase in demand for the primary time for the reason that begin of the pandemic.

“As we ramp up operational capability to proceed serving our clients via the restoration, we’re persevering with to advance our strategic targets, together with driving innovation and delivering industry-leading options.”


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