CWT has announced that it has concluded its recapitalisation with its main financial partners, notably Barings LCC. Partners who will become de facto " the new owners majority shareholders of CWT" said Michelle McKinney Frymire, CEO of the business travel agency. The deal is expected to add $350 million of equity to the company.
At the same time, CWT's debt of $1.5 billion was restructured in order to strengthen TMC's financial position, but also to ensure payment of commercial partners and suppliers and, ultimately,...
CWT has announced that it has concluded its recapitalisation with its main financial partners, notably Barings LCC. Partners who will become de facto " the new owners majority shareholders of CWT" said Michelle McKinney Frymire, CEO of the business travel agency. The deal is expected to add $350 million of equity to the company.
At the same time, CWT's debt of $1.5 billion was restructured to strengthen TMC's financial position, but also to ensure payment of commercial partners and suppliers and, ultimately, to increase CWT's liquidity. As a result, existing debt saw the elimination of almost $900 million625 million senior debt and a revolving credit facility.
This plan, which will shortly be submitted to its financial partners for approval, should be finalised by the end of the year. " This is a excellent news for CWT and our stakeholders. It highlights the progress we have made in positioning CWT for long-term success." said Michelle McKinney Frymire, who sees the support of her partners as a mark of confidence. in the market, in CWT and in our strategy and services. "
With these new financial resources, CWT intends to move forward and continue to develop. At a time when business travel is gradually picking up in the world's major markets, the agency intends to pursuing the path of innovation by offering companies and their employees cutting-edge solutions. In particular, the travel agency has taken advantage of the calm caused by the pandemic to accelerate a large number of projects. Among the improvements made for the benefit of travellers, CWT highlights algorithmic search applications, an omnichannel experience, improved digital hotel booking and refined data analysis.
