(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.



a group of people walking down the street: A passenger waits for an Uber Technologies Inc. vehicle at the LAX-it centralized pickup area at Los Angeles International Airport (LAX) in Los Angeles, California, U.S., on Tuesday, Oct. 29, 2019. On Tuesday, Los Angeles International Airport's ban on Uber, Lyft, and taxi curbside pickup went into effect while the airport ramps up work on its modernization program.


© Bloomberg
A passenger waits for an Uber Technologies Inc. vehicle at the LAX-it centralized pickup area at Los Angeles International Airport (LAX) in Los Angeles, California, U.S., on Tuesday, Oct. 29, 2019. On Tuesday, Los Angeles International Airport’s ban on Uber, Lyft, and taxi curbside pickup went into effect while the airport ramps up work on its modernization program.

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.

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What Bloomberg Intelligence Is Saying

“Though cash burn remains high, Uber’s

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