Mondee obtained a $15M letter of credit from Morgan Stanley

Mondee Holdings announced that it obtained a $15M 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 $15M letter of credit unlocks an additional $5M in net proceeds to the Company from the term loan, resulting in at least $20M 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.