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Photo Illustration: Mateusz Slodkowski/SOPA Images/LightRocket via Getty Images

Airbnb has secured $1 billion in debt from a group of investors, adding to the $1 billion in debt and equity it announced last week.

Why it matters: Like the rest of the travel industry, Airbnb has taken a huge hit from the novel coronavirus pandemic, which is also raising questions about its plans to go public in 2020.

Details: The loan's interest rate is priced 7.5% above the LIBOR benchmark, a source tells Axios.

  • This loan is first lien debt, meaning that it will get repaid before the loan Airbnb announced last week. The latter therefore comes with a higher interest rate because of the heightened risk to investors.
  • Lenders include Apollo Global Management Inc., Benefit Street Partners, Blackstone Group Inc., Glade Brook Capital Partners, Oaktree Capital and Owl Rock Capital, as Bloomberg reported earlier.

The big picture: Airbnb cut $800 million in expenses in late March by halting all marketing spend and freezing hiring. It's also lowered its internal valuation from $31 billion to $26 billion.

Go deeper

Democrats drubbing Trumpless GOP on social media

Data: Twitter/CrowdTangle (Feb 24, 2021); Chart: Will Chase/Axios

In a swift reversal from 90 days ago, Democrats are now the ones with overpowering social media muscle and the ability to drive news.

The big picture: Former President Donald Trump’s digital exile and the reversal of national power has turned the tables on which party can keep a stranglehold on online conversation.

Here come Earmarks 2.0

DeLauro at a hearing in May 2020. Photo: Alex Wong/Getty Images

The House Appropriations Committee is preparing to announce details of a plan to restore a limited version of earmarks, which give lawmakers power to direct spending to their districts to pay for special projects.

Why it matters: A series of scandals involving members in both parties prompted a moratorium on earmarks in 2011. But Democrats argue it's worth the risk to bring them back because earmarks would increase their leverage to pass critical legislation with a narrow majority, especially infrastructure and spending bills.

Caitlin Owens, author of Vitals
43 mins ago - Health

New data reignites the debate over coronavirus vaccine strategy

Illustration: Eniola Odetunde/Axios

New research is bolstering the case for delaying second doses of coronavirus vaccines.

Why it matters: Most vulnerable Americans remain unvaccinated heading into March, when experts predict the more infectious virus variant first found in the U.K. could become dominant in the U.S.

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