A week after announcing a $1 billion financing round, Airbnb raised another $1 billion in debt in an effort to pad its balance sheet.
are participating in the financing, as well as Oaktree Capital, Apollo Global Management, Benefit Street Partners and Owl Rock Capital, said the people, who declined to be named because the deal hasn't been made public. Bloomberg was first to report on the financing round.
Airbnb is among the many companies tied to the tourist industry that's seen its business disappear over the past six weeks amid the rapid spread of the coronavirus. The company is refunding customers who had to cancel trips andAirbnb is paying about 9 percent interest on the new debt, the people said. That's a slightly lower rate than the interest rate on the debt piece of the announced funding round from last week, which was a mix of debt and equity.
The newest round comes with a reduced rate because it's first lien, meaning the investors will get paid out first in the event of a default. The previous financing was second lien, so investors would get paid later. The equity portion of last week's deal valued Airbnb at $18 billion, nearly half of what the company was worth in 2017.
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