Oyo in talks with Apollo to refinance $660-mn loan after delayed IPO: Report

SoftBank-backed Oyo Hotels and Homes is in talks to refinance a $660-million loan with Apollo Management Inc after a delay in its initial public offering, said a report on Thursday. Bloomberg News reported on Thursday.

The hotel aggregator is seeking to extend the maturity of the loan to five years, compared with an existing 2026 deadline, reported Bloomberg citing people familiar with the matter. The report said a decision could be reached as early as next month.

"We regularly get approached for cheaper financing options but the Board hasn't approved anything, including prepaying some portion," a spokesperson for Oyo said in an emailed response to Reuters.

Oyo, which had initially planned to go public in 2021, has delayed its share sale multiple times and has seen senior executives leave the firm as it grapples to cut its debt pile.

Earlier this year, Reuters reported that the company submitted a confidential "pre-filing" document for a likely slimmed-down IPO.

With inputs from Reuters