Wingspire Capital committed a $30 million term loan A and a $15 million revolver to travel technology and marketplace firm Mondee, participating and adding to an existing loan facility led by TCW Asset Management Company.
Austin, TX-based Mondee will use the proceeds to fund general corporate business, including a disciplined and accretive M&A strategy. Established in 2011, Mondee operates 17 offices across the United States and Canada and has core operations in India, Thailand and Greece. The company’s platform processes more than 50 million daily searches. Its network includes more than 55,000 leisure travel advisors and gig economy workers, more than 500 airlines and more than 1 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 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,” David Gittleman, head of capital markets at Wingspire Capital, said.
“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,” Prasad Gundumogula, chairman, CEO and founder of Mondee, said.