Deal Description: Liberty TripAdvisor Holdings, Inc. ("Liberty TripAdvisor") (Nasdaq: LTRPA, LTRPB) announced today that it has entered into an Agreement ("Agreement") with funds managed by Certares Management LLC ("Certares") whereby Certares will purchase $325 million of 8% Series A Cumulative Redeemable Preferred Stock. The net proceeds from this investment, combined with $34 million of secured borrowings against a variable price forward and cash on hand, will repay 100% of the outstanding balance under Liberty TripAdvisor’s existing margin loan. Upon completion of this investment, Greg O’Hara, Founder and Senior Managing Director of Certares, is expected to join the Liberty TripAdvisor Board.
Baker Botts is representing Liberty TripAdvisor in the transaction.
Outside Counsel to Liberty TripAdvisor: Baker Botts L.L.P.
Financial advisors to Liberty TripAdvisor: Goldman Sachs & Co. LLC and Société Générale S.A.
Baker Botts Lawyers/Office Involved:
Corporate: Samantha Crispin (Partner, Dallas); Frederick McGrath (Partner, New York); Bryan Henderson (Partner, Dallas); Brittany Uthoff (Partner, New York); Emilie Heck (Associate, New York), Madeline Tusa (Associate, New York); Derek Gabriel (Associate, Dallas)
Finance: Robert Wann (Partner, New York)
For more information, please see Liberty TripAdvisor’s news release here.
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