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

Deadly Hurricane Zeta pummels Alabama after Louisiana landfall

A satellite image of Hurricane Zeta. Photo: National Hurricane Center/NOAA

Hurricane Zeta has killed at least one person after a downed power line electrocuted a 55-year-old in Louisiana as the storm moved into Alabama overnight.

What's happening: After "battering southeastern Louisiana and southern Mississippi," it began lashing Alabama late Wednesday, per the National Hurricane Center.

58 mins ago - World

Taiwan reaches a record 200 days with no local coronavirus cases

Catholics go through containment protocols including body-temperature measurement and hands-sanitisation before entering the Saint Christopher Parish Church, Taipei City, Taiwan, in July. Photo: Ceng Shou Yi/NurPhoto via Getty Images

Taiwan on Thursday marked no locally transmitted coronavirus cases for 200 days, as the island of 23 million people's total number of infections reported stands at 550 and the COVID-19 death toll at seven.

Why it matters: Nowhere else in the world has reached such a milestone. While COVID-19 cases surge across the U.S. and Europe, Taiwan's last locally transmitted case was on April 12. Experts credit tightly regulated travel, early border closure, "rigorous contact tracing, technology-enforced quarantine and universal mask wearing," along with the island state's previous experience with the SARS virus, per Bloomberg.

Go deeper: As Taiwan's profile rises, so does risk of conflict with China

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Biden ahead in Wisconsin, Michigan as cases surge in the Midwest.
  2. Health: Fauci says U.S. may not return to normal until 2022 — Trump's testing czar: Surge "is real" and not just caused by more tests Some coronavirus survivors have "autoantibodies."
  3. Business: Consumer confidence sinking Testing is a windfall.
  4. World: Europe faces "stronger and deadlier" wave France imposes lockdown Germany to close bars and restaurants for a month.
  5. Sports: Boston Marathon delayed MLB to investigate Dodgers player who joined celebration after positive COVID test.

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