(Bloomberg) — Uber Technologies Inc. borrowed $500 million to refinance debt, joining a barrage of high-yield companies that are capitalizing on cheap rates to lower their interest expense.
The ride-sharing service sold bonds due in 2028 at an interest rate of 6.25%, its lowest ever, according to data compiled by Bloomberg. The proceeds, along with cash on hand, will be used to redeem an equal amount of 7.5% notes due in 2023, according to a statement Monday.
What Bloomberg Intelligence Is Saying
“Though cash burn remains high, Uber’s