Uber asks lenders to lower term loan pricing
Uber asks lenders UBER is requesting that banks bring down valuing on its term advance, as indicated by Reuters sources.
The $1.13B expression credit due in 2023 was raised because of solid request that gave the advance a normal offer of 100.7 toward the start of the week.
Uber needs to cut the financing cost on the credit after secretly setting a different $1.5B term advance in March.
A loan specialists call is booked for tomorrow with Morgan Stanley, Bank of America Merrill Lynch, and Citibank among the members.
Uber asks lenders
Uber is tapping its original lenders to cut the interest rate on the loan after deciding to privately place a separate $1.5 billion term loan with investors in March – an unusual move in the leveraged loan market, which typically relies on investment banks to arrange syndicated deals.
The privately held company has generated huge interest among loan investors due to its massive valuation, which currently stands at US$62bn based on proposed terms from a secondary stock sale announced last week, as well as the fact that so many people use the service.
A lenders call is scheduled for May 31 at noon. Morgan Stanley is leading with Bank of America Merrill Lynch, Barclays, Citibank, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Royal Bank of Canada and SunTrust.