Alphabet's Waymo secures $5 billion term loan to accelerate expansion
Waymo closed a $5 billion term loan, its first debt financing, as it expands its autonomous ride-hailing service. The company also raised $16 billion in equity earlier this year at a $126 billion valuation.
1. Loan and expansion
Waymo said it closed a $5 billion term loan, its first debt financing, to support expansion of its autonomous ride-hailing service across the US and internationally. PIMCO, Blackstone and Sixth Street participated as lead syndicated lenders, while Capital Group, Loomis Sayles and T. Rowe Price were significant lenders; Goldman Sachs served as sole lead bookrunner. Waymo launched operations in its 15th US city last month and announced an expansion to Singapore.
2. Earlier equity raise
Waymo closed a $16 billion equity raise earlier this year at a valuation of $126 billion.
