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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

House passes $768 billion defense spending bill

Photo: Andrew Harrer/Bloomberg via Getty Images

The House approved a $768 billion National Defense Authorization Act (NDAA) for the 2022 fiscal year in a bipartisan 316-113 vote on Thursday.

Why it matters: The annual bill, which authorizes Pentagon spending levels and guides policy for the department, would require women to register for the military draft, among other provisions.

3 hours ago - Politics & Policy

Republicans’ secret lobbying

Illustration: Shoshana Gordon/Axios

The five Senate Republicans who helped negotiate and draft the $1.2 trillion bipartisan infrastructure bill have been privately courting their Republican colleagues to pass the measure in the House.

Why it matters: House GOP leaders are actively urging their members to oppose the bill. The senators are working to undercut that effort as Monday shapes up as a do-or-die moment for the bipartisan bill.

CBC members nix border visit

A Haitian migrant carries a toddler on his shoulders today as he crosses the Rio Grande River. Photo: Pedro Pardo/AFP via Getty Images

Several members of the Congressional Black Caucus weighed visiting the U.S.-Mexico border this week to investigate the conditions faced by Haitian migrants and protest allegations of inhumane treatment by U.S. agents.

Why it matters: It's a thorny proposition both in terms of timing and messaging. Going assures a new wave of negative headlines for President Biden amid sinking popularity. And with congressional deadlines in the coming days over infrastructure, a possible government shutdown and debt-limit crisis, Democrats can't afford to lose any votes in the House.

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