Airbnb Inc is planning to terminate a US$1 billion credit facility following an investment of the same amount it secured from private equity firms ...
Airbnb Inc is planning to terminate a US$1 billion credit facility following an investment of the same amount it secured from private equity firms Silver Lake and Sixth Street Partners, people familiar with the matter said on Tuesday.
The deal with Silver Lake and Sixth Street is comprised of US$1 billion in five-year debt yielding 11per cent to 12per cent and warrants that can convert into stock equating to a little over 1per cent of Airbnb's total equity, the sources said. They requested anonymity as the terms are confidential.
The price at which Silver Lake and Sixth Street can exercise its warrants values Airbnb at US$18 billion, below the US$26 billion Airbnb was most valued in early March in its internal valuation, another source said.Airbnb was valued at US$31 billion in its most recent private fund-raising round.
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