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Expedia raises USD 3.2 bln funds during COVID-19 pandemic

Monday 27 April 2020 15:15 CET | News

US-based online travel shopping company Expedia has raised USD 3.2 billion in new capital as the COVID-19 pandemic causes travel to stop around the world.

The company is raising USD 1.2 billion in private placement of perpetual preferred stock and USD 2 billion in new debt financing, CNBC reports. Funds managed by affiliates of Apollo Global Management and Silver Lake will provide the equity investment, while the funding is expected to close on 5 May 2020. 

During the COVID-19 pandemic, the travel industry has been among the hardest hit, as airports appear almost empty, and airlines and hotels alike have been forced to deal with a wave of cancellations. Expedia said it expects the new funds to strengthen its financial flexibility and liquidity position during this crisis.

 


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Keywords: Expedia, travel shopping, funding, Apollo Global Management, Silver Lake, financial flexibility, travel industry, COVID-19
Categories: Payments & Commerce
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Countries: World
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