Waymo closes a $5bn loan, its first debt deal, to fund robotaxi growth
Waymo has closed a $5bn term loan, the first time the Alphabet-owned robotaxi company has raised money through debt. Pimco, Blackstone and Sixth Street led the loan, Waymo said on Thursday.
The money will go into expanding Waymo’s driverless ride-hailing service across the US and abroad, according to the company.
“Our strong momentum has enabled us to complement our equity financing with debt, providing additional financial flexibility to strengthen our balance sheet,” Steve Fieler, Waymo’s chief financial officer, wrote in a blog post.
From $3bn to $5bn
Waymo first sought to borrow more than $3bn, Bloomberg reported in early September. On Tuesday, Bloomberg’s Paula Seligson and Carmen Arroyo reported that Waymo had raised the size of the deal to $5bn. The Waymo loan priced at 5.25 percentage points over the benchmark rate, according to people familiar with the matter cited by Bloomberg.
Capital Group, Loomis Sayles and T. Rowe...
Copyright of this story solely belongs to thenextweb.com. To see the full text click HERE
