Byju's Lenders Miss August 3 Timeline To Rework $1.2 Billion Loan Terms: Report The timeline for reaching an amendment was formally announced on July 24 by a steering committee of ad hoc term loan lenders who collectively own more than 85% of Byju's $1.2 billion term loan
By Teena Jose •
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The edtech startup Byju's lenders missed the August 3 timeline to rework the terms on a $1.2 billion loan on Thursday. The timeline for reaching an amendment was formally announced on July 24 by a steering committee of ad hoc term loan lenders who collectively own more than 85% of Byju's $1.2 billion term loan.
According to a moneycontrol report, sources aware of the matter revealed that the talks for the loan amendment are progressing "in the right direction," but the two parties have not been able to reach a conclusion yet. While the lenders wanted an amendment before August 3, Byju's had never committed to any such date, the people said.
"The discussions are going on and it's progressing well in the right direction and expected to close at the earliest. In fact, the next meeting with the lenders is scheduled early next week. No deadline has been missed as August 3rd was merely a hopeful date that was likely to be scheduled for a sign-off," a spokesperson for Byju's reportedly said in a statement.
The committee had officially noted, "Successful execution of the amendment would immediately solve for the loan's acceleration and end all open litigation while avoiding further enforcement actions,", cited the report.
Earlier in November, 2021, Byju's raised $1.2 billion in debt via term loan B (TLB) from some international investors.
