eDreams ODIGEO €75 million capital raise and €555 million refinancing
We advised eDreams ODIGEO on its capital raise, high-yield notes offering and refinancing
Davis Polk advised eDreams ODIGEO in connection with its €75 million ordinary shares capital raise, its issuance of €375 million aggregate principal amount of 5.50% senior secured notes and the refinancing by eDreams ODIGEO and certain of its subsidiaries of their existing super senior credit facilities, comprising a €180 million super senior revolving credit facility and super senior bank guarantee facility. The proceeds from the capital raise and the notes offering will be used to redeem in full the outstanding €425 million 5.50% senior secured notes due 2023 of eDreams ODIGEO, as well as for general corporate purposes, including the acceleration of the growth and development of the company’s Prime subscription platform.
eDreams ODIGEO is one of the world’s largest online travel companies and one of the largest e-commerce businesses in Europe. Under its four leading online travel agency brands – eDreams, GO Voyages, Opodo, Travellink – and the metasearch engine Liligo, it serves more than 17 million customers per year across 45 markets. eDreams ODIGEO conceptualized the travel subscription platform Prime and offers flight, hotel, dynamic package, cruise, car rental and travel insurance products to make travel easier, more accessible and better value for consumers across the globe.
The Davis Polk corporate and finance team included partners Nick Benham, Reuven Young and Jacques Naquet-Radiguet, counsel Aaron Ferner and associates Maxim Van de moortel, Joshua Bunn, Despoina Arslanidi and Catherine Liu. Counsel Alon Gurfinkel and associate Omer Harel provided U.S. tax advice. Members of the Davis Polk team are based in the London and Paris offices.