Byju S Sells Assets To Repay Loan

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Byju's Sells Assets to Repay Loan

ri-calendar-2-lineSep 12, 2023

By: BlinkX Research Team

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Byju's, a major edtech company, is selling two of its businesses, Epic and Great Learning, to generate funds for repaying a term loan. The sale of these assets is anticipated to bring in around $800 million to $1 billion. Byju's had initially acquired these assets in 2021 as part of its expansion strategy.

 

In November 2021, Byju's secured a $1.2 billion term loan from international investors when interest rates were low. However, both the interest rates and the relationship between Byju's and its lenders have since become less favorable.

 

Tensions peaked in June when Byju's missed an interest payment and took legal action to prevent the acceleration of the loan repayment. Now, Byju's is offering to fully repay the loan. They have submitted a detailed plan to the lenders, aiming to settle the entire $1.2 billion over the next six months, with an initial payment of $300 million within the next three months.

 

Byju's also plans to release its financial statements for FY22 by September 2023 and for FY23 by December 2023. This move could potentially open up opportunities for the company to secure additional capital from external investors.

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