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Grab pre-paid $600 M of debt due in 2026

According to Bloomberg, Grab has returned US $600 million in debt that was due to maturity in 2026.

The purchase was finalised last week. The success owes to the Singapore-born software giant’s strong financial position. The super app reported having cash liquidity of US $6.5 billion in its most recent financial report.

The report states that Grab’s remaining debt under the term loan has been reduced to US $517 million.

Grab obtained a US $2 billion term credit agreement in February 2021. While Barclays, Deutsche Bank, HSBC, Mizuho Bank, Mitsubishi UFJ Financial Group, and Standard Chartered served as co-bookrunners, JP Morgan served as the primary bookrunner.

“At this point, we do not have plans for further debt repurchases or prepayment,” Grab CFO Peter Oey told as per reports.

Grab has additional bank debt of about $200 million dollars in addition to the US $2 billion.

After reporting a 310% increase in revenue to $502 million US in the fourth quarter of 2022, Grab announced the development. According to the business’s results announcement, CFO Peter Oey stated that instead of expecting to reach adjusted EBITDA breakeven in the second half of 2024, the company now plans to do so in Q4 2023.

 

 

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