Mondee Finalizes Long-Term Extensions of Term Loan and Preferred Equity with Receipt of $15M Letter of Credit
Mondee Holdings (Nasdaq: MOND), a leading travel marketplace and AI technology company, has secured a $15 million letter of credit from Morgan Stanley. This achievement finalizes long-term extensions for Mondee's term loan and preferred equity. Key outcomes include:
1. Term loan maturity extended to June 30, 2028
2. Preferred equity put option extended to December 31, 2028
3. Unlocks at least $20 million in additional growth working capital
This development strengthens Mondee's financial position, providing the company with increased resources to sustain and accelerate its growth trajectory in the travel sector.
Mondee Holdings (Nasdaq: MOND), una delle principali piattaforme di viaggio e azienda tecnologica AI, ha ottenuto una lettera di credito di 15 milioni di dollari da Morgan Stanley. Questo traguardo finalizza prolungamenti a lungo termine per il prestito a termine e il capitale preferenziale di Mondee. I risultati principali includono:
1. Scadenza del prestito a termine estesa a 30 giugno 2028
2. Opzione di vendita per il capitale preferenziale estesa a 31 dicembre 2028
3. Sblocca almeno 20 milioni di dollari in capitale circolante per ulteriori crescita
Questo sviluppo rafforza la posizione finanziaria di Mondee, fornendo all'azienda risorse maggiori per sostenere e accelerare la sua traiettoria di crescita nel settore dei viaggi.
Mondee Holdings (Nasdaq: MOND), un importante mercado de viajes y empresa de tecnología AI, ha asegurado una carta de crédito de 15 millones de dólares de Morgan Stanley. Este logro finaliza extensiones a largo plazo para el préstamo a plazo y el capital preferente de Mondee. Los resultados clave incluyen:
1. Fecha de vencimiento del préstamo a plazo extendida hasta el 30 de junio de 2028
2. Opción de venta de capital preferente extendida hasta el 31 de diciembre de 2028
3. Libera al menos 20 millones de dólares en capital de trabajo adicional para el crecimiento
Este desarrollo refuerza la posición financiera de Mondee, proporcionando a la empresa más recursos para sostener y acelerar su trayectoria de crecimiento en el sector de viajes.
Mondee Holdings (Nasdaq: MOND), 주요 여행 마켓플레이스 및 AI 기술 회사, Morgan Stanley로부터 1,500만 달러의 신용장을 확보했습니다. 이 성과는 Mondee의 만기 대출 및 우선주에 대한 장기 연장을 완료합니다. 주요 성과는 다음과 같습니다:
1. 만기 대출 만기가 2028년 6월 30일로 연장
2. 우선주 매도 옵션이 2028년 12월 31일로 연장
3. 최소 2천만 달러 이상의 추가 성장 운영 자본이 확보됨
이 개발은 Mondee의 재정적 위치를 강화하여 회사를 여행 부문에서 성장 궤도를 유지하고 가속할 수 있는 자원을 제공합니다.
Mondee Holdings (Nasdaq: MOND), un leader du marché des voyages et entreprise de technologie IA, a obtenu une lettre de crédit de 15 millions de dollars de Morgan Stanley. Cet accomplissement finalise des extensions à long terme pour le prêt à terme et le capital préférentiel de Mondee. Les principaux résultats incluent :
1. Échéance du prêt à terme prolongée jusqu'au 30 juin 2028
2. Option de vente pour le capital préférentiel prolongée jusqu'au 31 décembre 2028
3. Libère au moins 20 millions de dollars en capital de travail supplémentaire pour la croissance
Ce développement renforce la position financière de Mondee, offrant à l'entreprise plus de ressources pour maintenir et accélérer sa trajectoire de croissance dans le secteur du voyage.
Mondee Holdings (Nasdaq: MOND), ein führender Reise-Marktplatz und KI-Technologieunternehmen, hat eine 15 Millionen US-Dollar Kreditlinie von Morgan Stanley gesichert. Dieser Erfolg schließt langfristige Verlängerungen für Mondees Terminkredit und Vorzugsaktien ab. Die wichtigsten Ergebnisse umfassen:
1. Fälligkeit des Terminkredits bis zum 30. Juni 2028 verlängert
2. Verkaufsoption für Vorzugsaktien bis zum 31. Dezember 2028 verlängert
3. Schafft mindestens 20 Millionen US-Dollar an zusätzlichem Wachstumsbetriebskapital
Diese Entwicklung stärkt die finanzielle Position von Mondee und verschafft dem Unternehmen zusätzliche Ressourcen, um sein Wachstum im Reisen-Sektor aufrechtzuerhalten und zu beschleunigen.
- Secured $15 million letter of credit from Morgan Stanley
- Extended term loan maturity to June 30, 2028
- Extended preferred equity put option to December 31, 2028
- Unlocked at least $20 million in additional growth working capital
- Strengthened balance sheet to support growth trajectory
- None.
Insights
Mondee's successful negotiation of long-term extensions for its term loan and preferred equity, coupled with a
Mondee's strategic focus on AI technology, exemplified by its Abhi AI travel planning assistant, positions it at the forefront of the travel tech industry. The additional
Mondee's financial restructuring comes at a critical time in the travel industry's post-pandemic recovery. The company's diverse offering, spanning leisure and corporate travel sectors, positions it well to capitalize on the resurgence in travel demand. The processing of over 50 million daily searches indicates strong user engagement, which could translate into substantial transaction volume if properly monetized. The additional working capital could allow Mondee to expand its market reach, particularly in international markets where it already has a presence. However, investors should watch for key performance indicators such as gross booking value, revenue per transaction and customer acquisition costs to gauge the effectiveness of Mondee's growth strategy in a highly competitive market.
- Term Loan Maturity Extended to June 30, 2028
- Preferred Equity Put Option Extended to December 31, 2028
- Unlocks at least
AUSTIN, Texas, Sept. 17, 2024 (GLOBE NEWSWIRE) -- Mondee Holdings, Inc. (Nasdaq: MOND) (“Mondee” or the “Company”), a leading travel marketplace and artificial intelligence (AI) technology company, announced today that it obtained a
In addition to these long-term extensions, the
“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.
About Mondee Holdings, Inc. and Subsidiaries
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. For further information, visit: www.mondee.com.
Forward-Looking Statements:
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements can be identified by words such as: “believe,” “could,” “may,” “expect,” “intend,” “potential,” “plan,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding the Company’s future growth, performance, business prospects and opportunities, strategies, expectations, future plans and intentions or other future events. Such forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements.
Management believes that these forward-looking statements are reasonable as and when made. However, the Company cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of the Company. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, the ability to implement business plans and forecasts, the outcome of any legal proceedings that may be instituted against the Company or others and any definitive agreements with respect thereto, the ability of the Company to grow and manage growth profitably, retain management and key employees, and maintain relationships with our distribution network and suppliers, the ability of the Company to maintain compliance with Nasdaq’s listing standards, the expected changes to the Company’s capital structure, and other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the three months ended June 30, 2024 filed with the U.S. Securities and Exchange Commission (the “SEC”), and in the Company’s subsequent filings with the SEC. There may be additional risks that the Company does not presently know of or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.
Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. In light of the significant uncertainties in these forward-looking statements, you should not rely upon forward-looking statements as predictions of future events. Except as required by law, Mondee undertakes no obligation to update publicly any forward-looking statements for any reason.
For Further Information, Contact:
Public Relations
pr@mondee.com
Investor Relations
ir@mondee.com
FAQ
What financial milestones did Mondee (MOND) achieve in September 2024?
How much additional working capital did Mondee (MOND) secure through its recent financial arrangements?
What is the new maturity date for Mondee's (MOND) term loan?
When is the new put option date for Mondee's (MOND) preferred equity?
