Waymo has closed a US$5 billion term loan, its first debt financing. The company will use the capital to expand its fully autonomous ride-hailing service across the US and internationally.
PIMCO, Blackstone and Sixth Street took part as lead syndicated lenders. Capital Group, Loomis Sayles and T. Rowe Price joined as significant lenders.
Seven other firms also took part in the deal. They were Apollo, Blue Owl, Diameter Capital Partners, Franklin Templeton, Fidelity Management & Research Company, HPS Investment Partners and Oaktree.
Goldman Sachs served as sole lead bookrunner.
Earlier this year, Waymo closed a US$16 billion equity investment to accelerate the expansion of the Waymo Driver. The new loan adds debt to that funding mix.
“Our strong momentum has enabled us to complement our equity financing with debt, providing additional financial flexibility to strengthen our balance sheet,”
the company said.
Last month, Waymo launched its service in a fifteenth US city. It also announced new international cities as its commercial operations continue to grow.
Featured image: Edited by Fintech News Switzerland, based on image by Waymo via its website.
