Oravel Stays (OYO Rooms) Unlisted Shares
Oyo talking to Apollo for $660 million refinance as IPO delayed
Money Control
2 min read
Oravel Stays Pvt, Oyo's parent company, is in talks with Apollo Global Management to extend the maturity of its debt, pushing it from the 2026 deadline to a five-year timeline.
Expert Analysis
The negotiations are private, and a decision on the extension could be reached as early as next month.
The company is backed by 47% by Softbank. Airbnb, Inc., recently reported its first-ever annual profit, and Fitch Ratings anticipates further earnings improvement as the travel industry recovers.
It had initially raised debt from foreign institutions with generous terms and maintenance covenants, considered a higher-risk investment by Investors.
Oyo's spokesperson stated that they receive inquiries for cheaper financing options due to increased profits, but the company's board has yet to approve any refinancing, including prepayment of a portion.
The refinancing terms have not been finalized, and Oyo's loan was trading at 101.50 cents on the dollar as of the most recent data available.
The extension of the debt maturity will help OYO manage its short-term obligations & may reduce borrowing costs, followed by negotiations.
The extension might also lead OYO to allocate its resources more efficiently.
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