Grab closes upsized US$2b term loan

The term loan is said to be the largest in the Asian technology sector.

Ride-hailing and food delivery giant Grab announced that it has closed its first senior secured term loan facility worth $2.66b (US$2b) as it expands its services in Southeast Asia.

The loan was upsized from the principal amount of $998m (US$750m) after the company secured commitments from investors.

“I am deeply encouraged by the trust placed in us by investors who believe in our mission and recognise the value of our super app platform, as we continue making consistent progress in achieving our growth and sustainability milestones,” Grab CEO and co-founder Anthony Tan said.

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