Proving it had access to the high-yield market was a big win for Uber in 2018 after it reached its US$5bn secured debt capacity. Its bond debut, structured as a private placement, opened another pocket of liquidity on very flexible terms. The bond issue allowed the cash-burning start-up to lock in long-term fixed borrowing in a timely way, helped to protect its interest rate risk in a rising rate environment, and was proof of investor confidence ahead of a planned IPO in 2019.
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