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Grab repurchases $750 million of term B at average price of 98.4
By Wendy Van Sickle
Columbus, Ohio, Nov. 30 – Grab Holdings Inc. said it repurchased $750 million principal amount of its $1.97 billion term loan B for a total consideration of $738 million under a Dutch auction tender offer.
Grab announced on Nov. 16 that it would repurchase up to $750 million principal amount of the loan at a price in the range of 95 to par, as previously reported.
The average purchase price ended up being 98.4, according to a 6-K filing with the Securities and Exchange Commission.
Together with $98.5 million principal amount of the loan previously and separately repurchased, Grab will extinguish $848.5 million of the term loan B.
The term loan was issued in January 2021 with a five-year tenor.
JPMorgan Chase Bank is the lead on the deal.
The tender offer, which expired at noon ET on Nov. 25, was funded with cash on hand.
Grab is a Singapore-based ride hailing company and a provider of food delivery, digital payments and other financial services via a mobile app.
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