OYO to raise $600 million from US institutional investors


What is the news ?

Hospitality firm OYO is looking to raise $600 million in debt from the US institutional investors to service its existing loans.

The company is taking the TLB to service its existing loans which are on higher interest rates, they added. TLBs typically mature within six to seven years and have a small repayment schedule during the term of the loan, with the remainder due on the maturity date.


Takeaway

OYO is on a steady path of resurgence in 2021 and we are seeing signs of recovery across India, Europe, and Southeast Asia. OYO's survival through the COVID crisis and our resurgence show that we are a company with strong fundamentals and high value potential," said by OYO Founder and Group CEO Ritesh Agarwal .

Moody's Investors Service on Thursday said it has assigned a first-time B3 corporate family rating (CFR) to Oravel Stays Private Limited (OYO).

OYO 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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