ATLANTA – Feb. 21, 2023 — Wingspire Capital LLC (“Wingspire”) committed a $30 million term loan A and a $15 million revolver to travel technology and marketplace firm Mondee, Inc., participating and adding to an existing loan facility led by TCW Asset Management Company LLC.
The proceeds will be used to fund general corporate business for the Austin, Texas-based company, including a disciplined and accretive M&A strategy.
Established in 2011, Mondee is a travel technology company and a modern travel marketplace with its headquarters based in Austin, Texas. The company operates 17 offices across the United States and Canada and has core operations in India, Thailand, and Greece.
Mondee is driving change in the leisure and corporate travel sectors through its broad array of innovative solutions. The company’s platform processes over 50 million daily searches and generates a substantial transactional volume annually. Its network includes 55,000+ leisure travel advisors and gig economy workers, 500+ airlines, and over one million hotels and vacation rentals. The company also offers packaged solutions and ancillary offerings that serve a global customer base. On July 19, 2022, Mondee became publicly traded on the Nasdaq under the ticker symbol MOND.
“We are thrilled to be partnering with TCW on a multi-faceted financing structure that provides added flexibility to Mondee as it enters a new era of growth driven by pent-up demand for travel,” said David Gittleman, Head of Capital Markets at Wingspire Capital.
Wingspire Capital offers one-stop solutions of up to $200 million for middle market companies, including revolving lines of credit, cash flow loans, fixed asset term loans, first-out term loans & revolvers, equipment leases, and sale leasebacks.
“Wingspire Capital and TCW are terrific partners who worked with our senior leadership team to develop an enhanced capital structure so we can focus on running and growing the business,” said Prasad Gundumogula, Chairman, CEO and Founder of Mondee.
ABOUT WINGSPIRE CAPITAL
Wingspire’s product offerings, up to $200 million in transaction size, include revolving lines of credit, cash flow loans, fixed asset term loans, first-out term loans & revolvers, equipment leases, sale leasebacks and other one-stop solutions. Industries financed include business services, consumer products, e-commerce & retail, food & beverage, manufacturing, distribution, transportation & logistics, automotive, technology applications, business services and financial services. Wingspire is a portfolio company of Owl Rock Capital Corporation (NYSE: ORCC), which is externally managed by Owl Rock Capital Advisors LLC, an SEC-registered investment adviser. Owl Rock is a division of Blue Owl Capital (NYSE: OWL), a global alternative asset manager with approximately $138.2 billion of assets under management as of December 31, 2022. For further information about Wingspire Capital, visit wingspirecapital.com.
TCW PRIVATE CREDIT
TCW Private Credit specializes in providing senior-secured loans to U.S.-based middle market borrowers. Since 2001, the group has provided private credit solutions to borrowers across a wide range of industries, partnering with business owners, management teams, financial intermediaries, and asset-based lenders to provide customized financing solutions for a variety of needs. TCW Private Credit has a track record of closing deals on time and on the terms proposed and is committed to being a long-term, creative and value-enhancing partner. The group invests up to $250 million per transaction, with typical investments ranging in size from $25 million to $150 million. Investments are predominantly first-lien, senior-secured financings.
Founded in 1971 and based in Los Angeles, TCW manages approximately $205 billion in assets as of December 31, 2022, and provides a broad range of innovative, value-added investment products.
Certain statements in this release may be considered endorsements under Rule 206(4)-1 under the Investment Advisers Act of 1940. Neither TCW nor its affiliated advisers or advisory affiliates solicited these comments, nor did it compensate the persons for making them.