OYO To Raise Funding $600M From US Institutional Investors
- ByStartupStory | May 21, 2021
OYO to raise funding $600 million in debt from the US institutional investors to service its existing loans, sources in know of the matter said on Thursday. OYO to raise funding of $600 million in a term loan B (TLB) structure, the sources said. The company is taking the TLB to service its existing loans which are on higher interest rates, they added.
When contacted regarding OYO to raise funding, an OYO spokesperson declined to comment.
Moody’s Investors Service on Thursday said it has assigned a first-time B3 corporate family rating (CFR) to Oravel Stays Private Limited (OYO). At the same time, Moody’s has assigned a B3 rating to the senior secured term loan to be issued by Oravel Stays Singapore Pte. Ltd, OYO’s wholly-owned subsidiary. The proposed loan will be guaranteed by OYO and many of its subsidiaries, it added. The outlook is stable. The company will use the loan proceeds to refinance its debt and for general corporate purposes, Moody’s said.
A for OYO to raise funding,it is backed by leading investors, including the SoftBank Vision Fund, Sequoia Capital, Lightspeed Ventures, Hero Enterprise, and China Lodging Group, amongst others.
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