Airbnb Inc. secured a $1 billion debt facility from some of the largest U.S. banks to help the home-sharing company develop new services and fund growth initiatives, people familiar with the matter said.
The debt deal was led by JPMorgan Chase & Co., Citigroup Inc. and Bank of America Corp. Morgan Stanley also participated, according to the people, who didn’t want to be identified talking about a private transaction.
The financing gives Airbnb more money to spend on global growth strategies and expansion beyond home-sharing. The San Francisco-based company is building add-on travel services, Bloomberg reported in March, and it’s running a TV ad campaign right now, a particularly pricey form of customer acquisition.
Airbnb, last valued at $25.5 billion, has watched Uber Technologies Inc. raise more than $11 billion in cash and debt.
Copy the Story LinkSend questions/comments to the editors.
Success. Please wait for the page to reload. If the page does not reload within 5 seconds, please refresh the page.
Enter your email and password to access comments.
Hi, to comment on stories you must . This profile is in addition to your subscription and website login.
Already have a commenting profile? .
Invalid username/password.
Please check your email to confirm and complete your registration.
Only subscribers are eligible to post comments. Please subscribe or login first for digital access. Here’s why.
Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.