Two institutional investors disclosed long positions in Travelport Worldwide Ltd (NYSE:TVPT) on Wednesday. John M. Angelo and Michael L. Gordon’s Angelo Gordon & Co acknowledged holding 15.23 million Common Shares, which account for more than 12% of the company’s Common Shares outstanding. In addition, Geoffrey Raynor’s Q Investments (Scepter Holdings) declared ownership of 9.64 million Common Shares, which represent approximately 8% of the company’s outstanding stock.
Travelport Worldwide Ltd (NYSE:TVPT) is a $2 billion market cap travel commerce platform providing distribution, technology, payment and other solutions for the global travel and tourism industry. The company enables travel commerce by connecting travel providers, such as airlines and hotels, with online and offline travel agencies and other travel buyers in its business-to-business travel commerce platform.
Travelport was listed on the Ney York Stock exchange today, and started trading under the “TVPT” ticker symbol. The initial public offering comprised 30 million Common Shares, that were already sold to the public for $16 per share – the stock price is already up more than 5% on Thursday’s trading. Proceeds of the offering will be used to pay down existing debt.
Morgan Stanley (NYSE:MS), UBS Investment Bank, Credit Suisse and Deutsche Bank Securities are serving as joint book-running managers for the Offering. Morgan Stanley (NYSE:MS) is also amongst the largest shareholders in the company. According to Travelport Worldwide Ltd (NYSE:TVPT)’s Form S-1 Registration Statement, Morgan Stanley (NYSE:MS) owns 6.81 million Common Shares, which account for approximately 5.5% of the company’s shares outstanding.
Travelport Worldwide Ltd (NYSE:TVPT) had already made an attempt of going public back in 2010, when it planned to list in the London Stock Exchange. However, the sovereign debt crisis in Greece had a big impact on investor support, and the company had to desist from its plans. According to a Wall Street Journal article, the company chose to list in New York this time, because the U.S. market has “a much greater tolerance for leverage than Europe.”
Disclosure: Javier Hasse holds no positions in any stocks or funds mentioned
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