India`s Oyo in talks with Apollo to refinance $660 million loan
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Softbank-backed India's Oyo Hotels and Homes is in talks to refinance a $660 million loan with Apollo Management Inc after a delay in its initial public offering, Bloomberg News reported on Thursday, citing people familiar with the matter.
The hotel aggregator is seeking to extend the maturity of the loan to five years, compared with an existing 2026 deadline, the report said, adding that a decision could be reached as early as next month.
"We regularly get approached for cheaper financing options but the Board hasn't approved anything, including prepaying some portion," a spokesperson for Oyo said in an emailed response to Reuters.
Apollo Management did not immediately respond to Reuters' request for comment.
Oyo, which had initially planned to go public in 2021, has delayed its share sale multiple times and has seen senior executives leave the firm as it grapples to cut its debt pile.
Earlier this year, Reuters reported that the company submitted a confidential "pre-filing" document for a likely slimmed-down IPO.
($1 = 83.2478 Indian rupees)
