Orbitz, which is finalizing details on its upcoming IPO, is set to close July 25. It's initial public offering will be set to 34 million shares price at $15 per share, which is lower than its previously estimated price of $16 to $18 per share. See initial coverage here.
Its underwriters include Morgan Stanley, Goldman Sachs & Co., Lehman Brothers and JP Morgan, among others. The company has also given underwriters a 30-day option for purchasing up to 5.1 million additional shares at the $15 per share IPO price. The net proceeds from this offering are estimated at $474.8 million. This will be used to repay the debt owed to parent company Travelport, in conjunction with th $530 million borrowed with its new senior secured credit agreement.
See also: Travel Hacking: Essential Sites for Summer Travelers