Long-Term Debt

6 Months Ended

Jun. 30, 2011

Long-Term Debt [Abstract]

Long-Term Debt

9.  Long-Term Debt

Long-term debt consisted of:

		June 30,		December 31,
(in $ millions)	Maturity	2011		2010
Senior secured credit agreement
Term loan facility
Dollar denominated	August 2013		121		172
Euro denominated	August 2013		45		59
Dollar denominated	August 2015		1,067		1,520
Euro denominated	August 2015		311		410
“Tranche S”	August 2015		137		137
Senior notes
Dollar denominated floating rate notes	September 2014		123		123
Euro denominated floating rate notes	September 2014		234		217
97/8% Dollar denominated notes	September 2014		443		443
9% Dollar denominated notes	March 2016		250		250
Senior subordinated notes
117/8% Dollar denominated notes	September 2016		247		247
107/8% Euro denominated notes	September 2016		203		187
Capital leases and other			60		49
Total debt			3,241		3,814
Less: current portion			15		18
Long-term debt			3,226		3,796

In May 2011, proceeds from the sale of the GTA business, together with existing cash, were used to make a $655 million early repayment of term loans outstanding under the senior secured credit agreement, consisting of $19 million of euro denominated term loans due August 2013, $135 million of euro denominated term loans due August 2015, $51 million of dollar denominated term loans due August 2013 and $450 million of dollar denominated term loans due August 2015. Due to these early repayments, the Company is no longer required to repay quarterly installments equal to 1% per annum of the original funded principal amount.

Additionally, during the six months ended June 30, 2011, the Company repaid approximately $3 million of its dollar denominated debt as quarterly installments under its senior secured credit agreement and approximately $4 million under its capital lease obligations. Furthermore, during the six months ended June 30, 2011, the Company entered into $15 million of capital leases for information technology assets.

The principal amount of euro denominated long-term debt increased by approximately $74 million as a result of foreign exchange fluctuations during the six months ended June 30, 2011. This foreign exchange loss was fully offset by gains on foreign exchange derivative instruments contracted by the Company.

The Company has a $270 million revolving credit facility with a consortium of banks under its senior secured credit agreement. As of June 30, 2011, the Company had no borrowings or letters of credit commitments outstanding under its revolving credit facility.

The Company has a $133 million letter of credit facility collateralized by $137 million of restricted cash and a $13 million synthetic letter of credit facility. As of June 30, 2011, the Company had approximately $99 million of commitments outstanding under its cash collateralized letter of credit facility and $10 million of commitments outstanding under its synthetic letter of credit facility. The outstanding commitments under these two facilities included approximately $73 million in letters of credit issued by the Company on behalf of Orbitz Worldwide, pursuant to the Company’s separation agreement with Orbitz Worldwide. As of June 30, 2011, the Company had $37 million of remaining capacity under its letter of credit facilities.