Byju's interest outgo on $1.2-bn loan set to rise
Financial Express Mumbai|September 28, 2023
TROUBLED EDTECH MAJOR Byju's will see its interest outgo on the $1.2 billion term loan rising further. Fidelity Advisor, one of the lenders in the consortium, has almost doubled the rate to 15.5% in a year's time, according to its filing with the Securities and Exchange Commission.
SAMEER RANJAN BAKSHI

Fidelity Advisor was charging 7.01% in July 2022 and had subsequently raised it to 10.7% in January this year.

In May, Natixis and American Beacon Funds, who are also part of the group of lenders had increased the interest rate from 7% to 12.98%.

Another lender, Oaktree had also increased the same from 7% to 10.69%.

Byju's had raised the $1.2 billion term loan B (LTB) with a five-year tenure in November 2021.

In December last year, a group of lenders which participated in the term loan offering, renegotiated the terms of the debt, including faster repayment of part of the loan.

Freezing the new terms for payment for the term loan has been one of the key pain points for Byju's for the past few months.

It has been working to secure new funds, but troubles related to test prep subsidiary Aakash Institute, as well as statements from investors like Prosus on corporate governance issues at the company have affected the process.

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