Grab Raises Us $2 Billion Term Loan to Strengthen Liquidity and Diversify Financing Sources in Asia
By Tun Yong Yap
Southeast Asian tech giant Grab announced today it has raised US$2 billion from its first term loan, after securing commitments from international institutional investors. According to a press release by the Singapore-based giant, this marked the largest institutional debt in Asia’s technology sector.
Grab shared the five-year senior secured loan was upsized from the original principal amount of US$750 million after strong interest from investors. It also noted the interest rate on the loan was lowered by 100 basis points from the original launch guidance to 450 basis points over LIBOR (the benchmark interest rate at which major global banks lend to one another).
Photo courtesy of Andrew Magill.
Source: e27 (link opens in a new window)