Pegasus Solutions Announces Successful Debt Restructuring

  • Pegasus Solutions Inc.
  • 01.27.10
Pegasus Solutions, one of the world’s leading providers of technology and services to hotels and travel distributors, announced that it has closed a private debt restructuring transaction with the holders of nearly 99 percent of the company’s senior notes.

The terms of the debt restructuring received the consent of 100 percent of Pegasus’s syndicated lenders.

“We believe the successful restructuring of our notes is another indicator of the confidence our syndicated lenders and bondholders have in Pegasus Solutions’ business model, financial stability and management team,” said Mark S. Dubrow, Pegasus chief financial officer (CFO).

Pegasus’s chief executive officer (CEO), Mike Kistner, recently announced several new management appointments, including Ric Leutwyler to chief operating officer (COO) and Mark Peacock to chief information officer (CIO). The appointments reinforce the company’s focus on advancing Pegasus’ portfolio of distribution, financial services, hotel representation, business intelligence, Web and award-winning reservations products and services.

“Combined with our veteran management team, talented new team members and solid offering of products that continue to lead their respective segments, this debt restructuring speaks to Pegasus’ ability and commitment to lead the industry we helped found more than 20 years ago,” said Kistner. “This financial action allows us to extend our rich history to the next generation, allowing us to continue solving the business technology needs of hotels and travel distributors through continued investment in unsurpassed customer service and product innovation.”

Imperial Capital, LLC acted as the financial advisor to Pegasus for the restructuring.

The securities issued in connection with the debt restructuring have not been and will not be registered under the Securities Act of 1933 or any state securities laws, may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements, and will therefore be subject to substantial restrictions on transfer.

This announcement is neither an offer to sell nor the solicitation of an offer to buy any security.

Pegasus is proud to celebrate 20 years of providing innovative solutions to hotels and agents worldwide.

Pegasus Solutions is one of the world’s leading providers of technology and services to hotels and travel distributors, supplying the award-winning RezView® NG central reservation system, electronic distribution services, advanced agency commission processing and payment services and hotel marketing representation services. Founded in 1989, Pegasus created and launched the hotel switch, and today its customers include more than 95,000 properties around the globe as well as a majority of the world’s travel agencies. Additionally, Pegasus’ powerful representation arm incorporates Utell® Hotels & Resorts and Utell Connect, services that have been chosen by nearly 11,000 member hotels in more than 130 countries, making Pegasus one of the hotel industry’s largest third-party marketing, sales and reservations specialists. Pegasus also powers the niche consumer Web site www.hotelbook.com™, dedicated to promoting independent and boutique hotels throughout the world. Headquartered in Dallas, Pegasus has 18 offices in 11 countries, including regional hubs in London, Singapore and Scottsdale, Ariz.




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