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Corporate travel giant agrees billion dollar refinancing

Business
Gary Noakes
15 September 2021

Business travel giant CWT has sealed a $1.25 billion recapitalisation deal with banks as it counts the cost of the pandemic.

Michelle McKinney Frymire, CWT chief executive

The Minneapolis-based TMC, generally agreed to be the second largest corporate travel brand in Europe, has forged recapitalisation agreements with banks representing more than 90% of its debts.
 
Key terms of the agreement with bankers Barings and others include:
 
* Adding $350 million of new equity capital and “substantial long-term liquidity”.

* Eliminating almost $900 million of debt with new credit.