OTG Secures $1.25B in New Funding

OTG Management said this week it has successfully completed a new round of $1.25 billion of senior secured debt, which will provide the company with liquidity and flexibility as well as additional committed capital to continue technological innovation, development of new markets, dining concepts and locations in airports.

OTG’s refinancing was led by funds managed by affiliates of Centerbridge Partners, Oaktree Capital Management, Sculptor Capital Management, and CPPIB Credit Americas, as well as Oak Hill Advisors. The new facility is comprised of a $1.05 billion First Lien Senior Secured Term Loan and a $200mm Delayed Draw Term Loan Facility.

“We now have the committed growth capital to execute on our long-term strategic plan, at a time when the travel industry is poised to regain normalcy after the shut-downs caused by the COVID-19 pandemic,” said Rick Blatstein, OTG CEO. “As OTG continues to learn the preferences of travelers and guests, this move positions us to offer innovative solutions to meet their evolving demands, safely and efficiently – whenever they are away from home.”

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