Mondee Holdings secured a $15 million letter of credit from Morgan Stanley, extending loan maturities and unlocking $20 million for growth.
AUSTIN, TEXAS – Mondee Holdings, Inc., a leading travel marketplace and artificial intelligence (AI) technology company, announced that it obtained a $15 million letter of credit from Morgan Stanley, which was a condition to the company’s previously announced long-term maturity date extensions to its term loan and preferred equity. Consequently, the maturity date for Mondee’s term loan is extended to June 30, 2028, and the put option date for Mondee’s preferred equity is extended to December 31, 2028.
In addition to these long-term extensions, the $15 million letter of credit unlocks an additional $5 million in net proceeds to the company from the term loan, resulting in at least $20 million of working capital available to fuel the Company’s strong growth.
“We are excited to announce today this important milestone, which not only provides a long-term extension to our term loan, but also fortifies our balance sheet with additional working capital, empowering Mondee to sustain and accelerate its strong growth trajectory,” said Founder, Chairman, and CEO, Prasad Gundumogula.
Established in 2011, Mondee is a leading travel marketplace and artificial intelligence (“AI”) technology company with its headquarters based in Austin, Texas. The Company operates 22 offices globally across the United States and Canada, Brazil, Mexico, India, Thailand, and Greece. Mondee is driving change in the leisure and corporate travel sectors through its broad array of innovative solutions. Available both as an app and through the web, the Company’s platform processes over 50 million daily searches and generates a substantial transactional volume annually. Mondee Marketplace includes access to Abhi, one of the most powerful and fully integrated AI travel planning assistants in the market. Mondee’s network and marketplace include approximately 65,000 travel experts, 500+ airlines, and over one million hotels and vacation rentals, 30,000 rental car pickup locations, and 50+ cruise lines. The Company also offers packaged solutions and ancillary offerings that serve its global distribution. On July 19, 2022, Mondee became publicly traded on the Nasdaq Global Market under the ticker symbol MOND.
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