The proceeds of nearly $500m from the share sale are earmarked to repay debt at Travelport, which this year added to its debt load when it paid a dividend to Blackstone.
Orbitz shares ended New York trading on Friday at $14.50, down 3.3 per cent from its offer price of $15 each. Travelport had expected to sell Orbitz shares for between $16 and $18 each.
Meanwhile, Blackstone shares closed down 5.1 per cent at $25.95, hitting their lowest level since the private equity group co-founded by Steve Schwarzman and Pete Peterson went public last month at $31 per share.
External Source - For the complete article click here
Source - Financial Times
Logos, product and company names mentioned are the property of their respective owners.