Debt

Debt financing

Deutsche Bank refinances part of $350-M Oyo loan: report

Business Line  

Deutsche Bank has refinanced a part of the $350 million loan extended to Oyo Hotels, originally provided by Mizuho Bank Ltd. The German lender is offering a three-year bullet loan of approximately USD 150 million, allowing Ritesh Agarwal, founder of Oyo, to manage his existing debt. The remaining portion of the Mizuho facility has been repaid by Agarwal’s investment vehicle, RA Hospitality Holdings.The refinancing provides Agarwal relief by streamlining a complex capital structure that was created when he increased his stake in the company’s parent, Prism (formerly Oravel Stays Ltd.), from 10% to 32% in 2019.