Latham represented OYO, a leading Indian hospitality tech startup, in a US$660 million Term Loan B debt financing. The milestone transaction makes OYO the first Indian startup to raise capital using a Term Loan B instrument, as well as the first Indian startup to receive public ratings from Moody's and Fitch.
The debt offering was significantly oversubscribed and was ultimately upsized given strong interest from institutional investors. OYO plans to use the funds to refinance its existing facilities with long-term capital and to further strengthen its balance sheet.
OYO is a global platform that empowers entrepreneurs and small businesses with hotels and homes by providing full-stack technology that increases earnings and eases operations.
The deal team was led by Singapore partners Timothy Hia and Rajiv Gupta with associates Wen Yi Tan, Helen Liu and Aakash Sardana. Additional advice was provided by Chicago partner Nabil Sabki with associate John Reinert, and advice on tax matters was provided by New York partner Jiyeon Lee-Lim and Chicago partner Enrique Rene de Vera.