Chicago, Sept. 30 – Mondee Holdings, Inc. privately placed $85 million of series A preferred stock with investors, according to an 8-K filing with the Securities and Exchange Commission.
Issued at par, the dividend is SOFR plus 700 basis points, payable quarterly. The dividend can be paid in cash or in kind.
The preferred stock is a non-dilutive instrument as it is not convertible into common equity.
The financing also includes the issuance of 1.275 million warrants at an exercise price of $11.50.
The stock is putable on the fifth anniversary.
Mondee used AXIA Capital Markets as the sole placement agent.
Reed Smith LLP was the legal adviser.
Proceeds are being used to fund the company’s M&A strategy and other growth opportunities and for general corporate purposes.
Based in Austin, Tex., Mondee is a travel technology company.
| Issuer: | Mondee Holdings, Inc.
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| Amount: | $85 million, or 85,000 shares
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| Warrants: | 1.275 million warrants at an exercise price of $11.50
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| Issue: | Series A preferred stock
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| Placement agent: | AXIA Capital Markets
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| Counsel to issuer: | Reed Smith LLP
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| Dividend: | SOFR plus 700 bps, payable in cash or in kind
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| Price: | Par
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| Puts: | On fifth anniversary
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| Settlement date: | Sept. 29
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| Distribution: | Private placement
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