Global business travel firm CWT has agreed a multi-million dollar refinancing deal as the sector recovers from the Covid-19 pandemic.
The recapitalisation will see $350 million pumped into the US-based company and $900 million of debt eliminated.
The move is designed to further strengthen CWT’s financial position as the recovery in business travel continues to gain momentum in key markets around the world, according to the TMC.
Chief executive Michelle McKinney Frymire said: “This is an important and exciting time for travel, as the industry is seeing meaningful increases in demand for the first time since the start of the pandemic.
“As we ramp up operational capacity to continue serving our customers through the recovery, we are continuing to advance our strategic objectives, including driving innovation and delivering industry-leading solutions.
“We are pleased to be moving ahead with overwhelming support from our financial partners, who will become CWT’s new majority owners, underscoring their confidence in the market, CWT and our strategy and services.”
She added: “Implementation of this agreement will enable us to move beyond the pandemic, accelerate investments that create industry-leading experiences for our clients and travellers, and position CWT to benefit from the recovery already underway.
“With travel demand now increasing, the actions we are taking will enable us to build on our industry-leading position.”