Airbnb gets US$1bil debt facility from US banks: source

  • Technology
  • Thursday, 16 Jun 2016

REFILE-CORRECTING GRAMMARA 3D printed people's models are seen in front of a displayed Airbnb logo in this illustration taken, June 8, 2016. REUTERS/Dado Ruvic/Illustration TPX IMAGES OF THE DAY

Apartment-sharing startup Airbnb Inc has secured a US$1bil (RM4.08bil) debt facility from some big US banks to aid its new services and finance its expansion plans, a source close to the company said. 

JPMorgan, Citigroup Inc, Morgan Stanley and Bank of America Corp led the debt deal, the source said. 

Airbnb, which expects to achieve profitability in 2016, raised over US$100mil (RM408.79mil) in a round of funding late last year. 

Bloomberg reported the funding deal earlier on June 15. 

Representatives at JPMorgan, Citigroup, Morgan Stanley and Bank of America were not immediately available for comment outside regular US business hours. 

Priceline, Expedia and other travel companies have been facing increased pressure in their hotel bookings business from the rise of startups such as Airbnb. — Reuters

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