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Pegasus Solutions Announces Successful Debt Restructuring

Strategic Move Positions Company for Additional Growth


SCOTTSDALE, DALLAS and LONDON (January 26, 2010) – Pegasus Solutions, the world’s leading provider of technology and services to hotels and travel distributors, today announced that it has closed a private debt restructuring transaction with the holders of nearly 99% of the company’s Senior Notes.  The terms of the debt restructuring received the consent of 100% of Pegasus’s syndicated lenders.

“We believe the successful restructuring of our notes is another indicator of the confidence our syndicated lenders and bondholders have in Pegasus Solutions’ business model, financial stability and management team,” said Mark S. Dubrow, Pegasus chief financial officer (CFO).

Pegasus’s chief executive officer (CEO), Mike Kistner, recently announced several new management appointments, including Ric Leutwyler to chief operating officer (COO) and Mark Peacock to chief information officer (CIO). The appointments reinforce the company’s focus on advancing Pegasus’ portfolio of distribution, financial services, hotel representation, business intelligence, Web and award-winning reservations products and services.

“Combined with our veteran management team, talented new team members and solid offering of products that continue to lead their respective segments, this debt restructuring speaks to Pegasus’ ability and commitment to lead the industry we helped found more than 20 years ago,” said Kistner. “This financial action allows us to extend our rich history to the next generation, allowing us to continue solving the business technology needs of hotels and travel distributors through continued investment in unsurpassed customer service and product innovation.”
 
Imperial Capital, LLC acted as the financial advisor to Pegasus for the restructuring.
 
The securities issued in connection with the debt restructuring have not been and will not be registered under the Securities Act of 1933 or any state securities laws, may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements, and will therefore be subject to substantial restrictions on transfer.

This announcement is neither an offer to sell nor the solicitation of an offer to buy any security.

About Pegasus Solutions Inc
Pegasus is proud to celebrate 20 years of providing innovative solutions to hotels and agents around the globe.

Pegasus Solutions is the world’s leading provider of technology and services to hotels and travel distributors, supplying state-of-the-art central reservation systems and electronic distribution services, advanced agency commission processing and payment services, and hotel marketing representation services. Founded in 1989, Pegasus created and launched the hotel switch, and today its customers include more than 95,000 properties around the globe as well as a majority of the world’s travel agencies. Additionally, Pegasus’ powerful representation arm incorporates Utell® Hotels & Resorts and Utell Connect, services that have been chosen by nearly 11,000 member hotels in more than 130 countries, making Pegasus the hotel industry’s largest third-party marketing, sales and reservations specialist. Pegasus also powers the niche consumer web site www.hotelbook.com™, dedicated to promoting independent and boutique hotels throughout the world. Headquartered in Dallas, Pegasus has 18 offices in 11 countries, including regional hubs in London, Singapore and Scottsdale, Arizona. For more information, please visit www.pegs.com or www.utell.com.

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Contacts:

U.S. media contact: 
Ariel Herr
+1(214)890-7912
aherr@fortepr.com 
                                                                                                                                   
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Also See: Pegasus Solutions Aligns and Expands Management Team for Targeted Growth in 2010; Appointments Reinforce CEO’s Corporate Vision and Dedication to Product Innovation / January 2010

InfoWorld Names Pegasus Solutions’ RezView® NG Among Top IT Projects of 2009; Next generation CRS represents only hospitality technology solution on revered list / January 2010

The Pegasus View November 2009: ADS and GDS Channels Experience Positive Year-on-Year Net Revenue Growth for First Time this Year; +13.28% Increase in GDS Net Revenue and +2.09% Jump in ADS Net Revenue Beat 2008 Figures, but Numbers Still Fall Short of 2007 Levels / December 2009

The Pegasus View October 2009: Report Shows Bookings and Net Revenue Figures Climbing Back to 2008 Levels; North America’s Corporate Bookings Jump +3.5% in October 2009 vs. October 2008 and Leisure Bookings Offset Dwindling ADR with +21% Increase for the Same Period / November 2009

HP and Technology Service Provider Pegasus Solutions to Collaborate on Travel Technology / November 2009

Warwick International Hotels Renews Contract with Utell® and Selects Pegasus Solutions’ NetBooker® NG Enhanced Internet booking engine will drive online bookings directly to 27 Warwick Hotels and Resorts worldwide / October 2009

The Pegasus View September 2009 Reports GDS Average Daily Rate Reaches High Point; GDS Reservations Up By +7% in September 2009 Compared to September 2007, While Overall Booking Lead Times Across All Channels Remain Short / October 2009

Pegasus Solutions’ August 2009 The Pegasus View Shows Largest 2009 Single Month Increase in Leisure Bookings / September 2009

Pegasus Solutions and VFM Leonardo Form Strategic Partnership; Pegasus Chooses VFM Leonardo's VScape® Digital Asset Management System to Power All Visual Content for ODD and Content Hub / June 2009

Utell® Hotels & Resorts Signs Up Hundreds of New Members in 2009, Around the Globe, 471 Hotels from
65 Countries Have Selected Utell Since the Beginning of the Year / June 2009

Pegasus Solutions Teams with Rubicon to Launch New MarketVision Competitive Intelligence Reporting: Visit HITEC Booth #1054 or twitter.com/pegexec, Hotel Users Switch to MarketVision to Take Advantage of Pre-eminent Market Intelligence / June 2009
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