Mondee Finalizes Long-Term Extensions of Term Loan and Preferred Equity with Receipt of $15M Letter of Credit

- Term Loan Maturity Extended to June 30, 2028- Preferred Equity Put Option Extended to December 31, 2028- Unlocks at least $20M of combined, additional growth working capital AUSTIN, Texas, Sept. 17, 2024 (GLOBE NEWSWIRE) -- Mondee Holdings, Inc. (NASDAQ:MOND) ("Mondee" or the "Company"), a leading travel marketplace and artificial intelligence (AI) technology company, announced today that it obtained a $15 million letter of credit from Morgan Stanley, which was a condition to the Company's previously announced long-term maturity date extensions to its term loan and preferred equity. Consequently, the maturity date for Mondee's term loan is extended to June 30, 2028, and the put option date for Mondee's preferred equity is extended to December 31, 2028. In addition to these long-term extensions, the $15 million letter of credit unlocks an additional $5 million in net proceeds to the Company from the term loan, resulting in at least $20 million of working capital available to fuel the Company's strong growth. "We are excited to announce today this important milestone, which not only provides a long-term extension to our term loan, but also fortifies our balance sheet with additional working capital, empowering Mondee to sustain and accelerate its strong growth trajectory," said Founder, Chairman, and CEO, Prasad Gundumogula. About Mondee Holdings, Inc. and SubsidiariesEstablished in 2011, Mondee is a leading travel marketplace and artificial intelligence ("AI") technology company with its headquarters based in Austin, Texas. The Company operates 22 offices globally across ...