NEW YORK, Oct. 14, 2021 /PRNewswire/ -- OTG Management, LLC, the leading provider of dining in airports and hospitality in North America, successfully completed a new round of financing. With $1.25 billion of new senior secured debt, the company will target expansion opportunities. The move will provide OTG with liquidity and flexibility as well as additional committed capital to continue technological innovation, development of new markets, dining concepts, and locations in airports.
"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, Chief Executive Officer of OTG. "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."
OTG's refinancing was led by funds managed by affiliates of Centerbridge Partners, L.P., Oaktree Capital Management, L.P. Sculptor Capital Management, Inc. and CPPIB Credit Americas, Inc. as well as Oak Hill Advisors, L.P. The new facility is comprised of a $1.05 billion First Lien Senior Secured Term Loan and a $200mm Delayed Draw Term Loan Facility.
Centerbridge and Oaktree jointly stated, "We are excited to partner with OTG as it continues to provide an excellent customer experience for travelers. We look forward to supporting OTG's goals to grow and innovate the airport experience."
Moelis & Company acted as exclusive financial advisor and placement agent to OTG for this transaction.
About OTG Management, LLC
OTG develops and operates restaurants and retail markets in airports throughout North America. With more than 350 locations across 22 terminals in 10 of the world's busiest airports, OTG is an industry leader. OTG combines world-class hospitality, award-winning cuisine, innovative design, and state-of-the-art technology to deliver a superior guest experience. Founded in Philadelphia in 1996, OTG serves hundreds of millions of passengers annually. For more information, visit OTGexp.com.
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SOURCE OTG Experience, LLC