Citibank provided a $40 million committed revolving credit facility to, an online travel company in Latin America.

The facility has a one-year term, renewable for an additional six months if certain financial covenants are met. This financing provides Despegar with additional financial flexibility. The company will use the funds for general corporate purposes.

“We are pleased with the successful signing of this credit facility, which represents a significant achievement given the current market environment,” Damian Scokin, CEO of Despegar, said. “We took this opportunity to further strengthen our balance sheet and provide additional financial flexibility and liquidity while maintaining a prudent approach. Despegar has no long-term financial debt outstanding. This credit facility further supports our growth potential once the pandemic is behind us and travel resumes.”