Michelle McKinney Frymire, CEO of CWT.
CWT announced that it has completed its recapitalization with its major financial partners, including Barings LCC. These partners will become ” the new majority owners of CWT
,” said Michelle McKinney Frymire, CEO of the corporate travel agency. The deal is expected to add $350 million in equity to the company.
At the same time, CWT’s $1.5 billion of debt has been restructured to strengthen CWT’s financial position, ensure payment of business partners and suppliers and ultimately increase CWT’s liquidity. As a result, nearly $900 million of existing debt has been eliminated and converted into $625 million of senior debt and a revolving credit facility.
This plan, which will soon be submitted to its financial partners for approval, is expected to be finalized by the end of the year. “This is excellent news for CWT and our stakeholders. It underscores the progress we have made in positioning CWT for long-term success,” said Michelle McKinney Frymire, who sees the support of its partners as a vote of confidence ” in the market, in CWT and in our strategy and services.
With these new financial resources, CWT intends to move forward and continue to grow. As business travel gradually recovers in major markets around the world, the agency intends to continue to innovate by providing companies and their employees with state-of-the-art solutions. In particular, the travel agency has taken advantage of the calm caused by the pandemic to accelerate a large number of projects. Among the improvements made for the benefit of travelers, CWT highlights algorithmic search applications, an omnichannel experience, improved digital hotel booking and refined data analysis.
I’m Michelle, and I love to travel. As a former hotel expert for one of the world’s largest hotel chains, I’ve stayed in nearly every type of room imaginable (including many that were not so desirable!). Nowadays, I am fortunate enough to be able to explore the world on my own terms. From international flights to learning different languages, there is nothing too far out of reach!