Online travel giant eDreams ODIGEO is seeking to refinance just months after announcing that it had rejected unsolicited offers from potential investors.
The Barcelona-business, which owns several travel brands including eDreams and Opodo, has launched an offering of senior secured notes to the value of €425 million, due in 2023. Some of its subsidiaries will guarantee the bonds, it said, and they will also be insured by certain of its assets.
In a statement, it said: "If the offer is completed, it is expected that the net amount obtained from this, together with the existing cash on the balance sheet, will be used for the total amortization of the outstanding senior guaranteed bonds, denominated in euros, with a coupon of 8.50% and due in 2021, issued by eDreams Odigeo on October 4, 2016, in accordance with the terms of said bonds, as well as the payment of commissions, fees and other expenses associated with the offer and amortization."
The company announced in March that it had rejected unsolicited offers from potential investors, which it had been considering since November 2017.
At the time, chairman Philip Wolf said: "The Board has agreed that eDreams ODIGEO is best placed to capitalize on the renewed strategic focus, operational success and strengthened financial position.
"The Board is confident that the management team will continue to successfully deliver on the strategy, driving sustainable growth and maximizing value for stakeholders."
