eDreams ODIGEO successfully refinanced its debt

Barcelona, September 14, 2018: eDreams ODIGEO announced today that it has successfully priced an offering of €425,000,000 Senior Secured Notes (“the new Bond”) due 2023 at a coupon of 5.5%. The debt offering was well received, allowing to price at the tight end of the guidance, further demonstrating the bond market’s support for the Company, its management team and its strategy. The Company received orders from over 100 investors from the US and every major European country in which it operates (France, Germany, Spain, Italy, United Kingdom and Sweden among others).

This transaction allows the Company to extend the maturity of its debt to five years and gain significant flexibility vs its current financing. In addition, the favourable pricing terms of the new Bond will allow the Company to reduce the coupon of its bond by 300 basis points compared to its existing 8.50% bond due 2021 and save more than €12 million in annual interest resulting in a significant improvement of its free cash flow generation.

The Company has also refinanced its Super Senior Revolving Credit Facility, increasing the size to €175,000,000 from the current €157,000,000, extending its maturity at the same time.

David Elízaga, the CFO, said: “We are very pleased with the strong support we have received from the financial markets. This puts the Company in a much stronger position, with greater flexibility, and reconfirms the strategy and performance of the Company”

eDreams ODIGEO and certain of its subsidiaries will guarantee the new Bond, and the new Bond will be secured by certain assets of eDreams ODIGEO. The settlement date for the offering is expected to be September 25, 2018, and is subject to customary conditions.

The net proceeds of the offering, along with existing cash on balance sheet, are expected to be used, following settlement, to redeem for cancellation all of the outstanding euro-denominated 8.50% Senior Secured Notes due 2021 issued by eDreams ODIGEO in 2016, in accordance with the terms of such notes, and to pay commissions, fees and other expenses associated with the offering and the redemption.


About eDreams ODIGEO

eDreams ODIGEO is one of the world’s largest online travel companies and one of the largest European e-commerce businesses. Under its leading online travel agency brands – eDreams, GO Voyages, Opodo, Travellink, and the metasearch engine Liligo – it offers the best deals in regular flights from more than 575 airlines, hotels, cruises, car rental, dynamic packages, holiday packages and travel insurance to make travel easier, more accessible, and better value for the more than 18.5 million customers it serves across 43 markets. eDreams ODIGEO is listed on the Spanish Stock Market.


Important Information

This document and the information contained herein are not for distribution in or into the United States of America (including its territories and possessions, any state of the United States of America and the District of Columbia) (the “United States”), Canada, Australia or Japan. This document does not constitute, or form part of, an offer to sell, or a solicitation of an offer to purchase, any securities of eDreams ODIGEO (the “Company”) in the United States, and this press release does not constitute a “prospectus” within the meaning of the US Securities Act. None of the securities of the Company have been or will be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Any sale in the United States of the securities mentioned in this communication will be made solely to “qualified institutional buyers” as defined in, and in reliance on, Rule 144A under the Securities Act.

In the United Kingdom, the offering is being made, and is directed only at, persons who are Qualified Investors and who are (i) investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); or (ii) persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations etc.”) of the Order (all such persons together being referred to as “Relevant Persons”). In the United Kingdom, any investment activity to which this document relates is only available to, and will be engaged in only with Relevant Persons. Any person who is not a Relevant Person should not act or rely on this document.

Certain statements included within this document may constitute “forward-looking statements” that reflect the Company’s intentions, beliefs or current expectations. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts, including, without, limitation, those regarding the Company’s strategy, plans, objectives, goals and targets, including those related to the completion of the offering and redemption of securities. The Company’s ability to achieve its projected results is dependent on many factors which are outside management’s control. Actual results may differ materially from (and be more negative than) those projected or implied in the forward-looking statements. Such forward-looking information involves risks and uncertainties that could significantly affect expected results and is based on certain key assumptions. Accordingly, no assurance can be given that any particular expectation will be met and reliance should not be placed on any forward-looking statement. Additionally, forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. All forward-looking statements included herein are based on information available to the Company as of the date hereof and the delivery of this document does not imply that the information contained herein is correct as at any time subsequent to the date hereof. The Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.