OYO raises term loan funding from global investors

Hospitality firm OYO on Friday said it has raised TLB funding of USD 660 million (nearly Rs 4,920 crore) from global institutional investors and the capital will be used for paring debt and other business investments.

The offer was oversubscribed by 1.7 times and the company received commitments of close to USD 1 billion from leading institutional investors, OYO said in a statement.

TLB refers to a tranche of senior secured syndicated credit facility from global institutional investors, it added.

The company will utilise these funds to retire its past debts, strengthen the balance sheet and other business purposes including investment in product technology, it said.

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