Mon 01/15/2024 04:23 AM
Oravel Stays Ltd., parent of India’s budget hotel chain Oyo Hotels & Homes, is conducting non-deal roadshows, or NDR, in Hong Kong and Singapore starting this week to test the water for a potential public USD bonds issue for refinancing its outstanding $465 million term loan B, or TLB, two sources close to the situation said. JPMorgan has been mandated by the company to arrange meetings and calls with the investors, the sources said.
The company, in November, had shelved a plan to raise funds through a private placement of USD bonds for refinancing its outstanding TLB and had instead proposed to partially buy back $195 million of the outstanding loan with existing cash on its books, as
reported. The partial buyback of the loan was executed in November, the sources said.
Oyo could not be reached for comment immediately.
–Malvika Joshi
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