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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

Updated 8 mins ago - World

Russia says it fired warning shots at British destroyer in Black Sea

The HMS Defender in the port of Odessa on Ukraine's Black Sea coast on June 18. Photo: Konstantin Sazonchik\TASS via Getty Images

Russia's defense ministry claimed Wednesday that a Russian warship and fighter jet fired "warning" shots at the British Royal Navy’s HMS Defender destroyer for encroaching on waters near Crimea in the Black Sea.

The latest: The U.K.'s ministry of defense disputed that any warning shots were fired, saying in a statement, "We believe the Russians were undertaking a gunnery exercise in the Black Sea and provided the maritime community with prior-warning of their activity."

Mike Allen, author of AM
Updated 32 mins ago - Politics & Policy

First look: WaPo Trump book's secret title revealed

Cover: Penguin Press

The Washington Post's Carol Leonnig and Philip Rucker will be out July 20 with "I Alone Can Fix It: Donald J. Trump’s Catastrophic Final Year," Penguin Press announced.

Breaking: Axios has learned that The Wall Street Journal's Michael Bender is moving "Frankly, We Did Win the Election" up to July 20, matching Leonnig-Rucker, from his earlier pub date of Aug. 10.

Shell and GM unveil partnership on Texas power and car-charging

Illustration: Annelise Capossela/Axios

General Motors and a Shell-owned power company will unveil a partnership on Wednesday aimed at providing renewable electricity to Texas customers and free overnight charging to state residents who own GM electric cars.

Why it matters: It’s a new way for two corporate giants to expand their operations in a way that lowers emissions at the customer and supplier level.

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