North American airport restaurateur OTG Management has successfully completed a new round of financing, with US$1.25bn of new senior secured debt.
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.
Rick Blatstein, CEO of OTG, said, “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 shutdowns caused by the Covid-19 pandemic. 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, Oaktree Capital Management, Sculptor Capital Management, and CPPIB Credit Americas, as well as Oak Hill Advisors.
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.”
