Latest news with #Grubhub
Yahoo
4 days ago
- Business
- Yahoo
Grubhub Owner Wonder Seeks Up to $500 Million to Refinance Debt
(Bloomberg) -- Grubhub Holdings Inc.'s owner Wonder has approached lenders including private credit firms as it seeks to raise between $400 million and $500 million to refinance the food delivery company's existing debt, according to people with knowledge of the matter. The Dutch Intersection Is Coming to Save Your Life Mumbai Facelift Is Inspired by 200-Year-Old New York Blueprint Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests LA Homelessness Drops for Second Year Manhattan, Chicago Murder Rates Drop in 2025, Officials Say Wonder is seeking to include a payment-in-kind feature in the new financing, which would allow the company to defer at least a portion of its interest payments until the debt's final maturity, said the people, who asked not to be identified discussing private information. It is discussing an interest rate of around 13% with potential investors, which would be inclusive of the PIK component, according to one of the people. Private credit lenders typically offer PIK structures to fast-growing tech companies that have predictable revenue streams but need to burn through cash to acquire new customers or develop new products. Representatives for Grubhub and Wonder declined to comment. Private credit lenders have considered financing proposals for Grubhub in the past but a deal was never completed, some of the people said. Grubhub has $500 million of notes outstanding, which it issued in 2019 with the help of investment banks at a coupon of 5.5%, according to data compiled by Bloomberg. Wonder Group Inc. acquired Grubhub last year from Just Eat for about $650 million, paying $150 million in cash and assuming the $500 million of existing debt. The food delivery industry has faced pressure particularly in New York City, after the city placed a cap on fees meal-delivery companies could charge restaurants. Grubhub, Doordash Inc. and Uber Technologies Inc. recently agreed to settle a lawsuit over the caps in exchange for changes to the law that the city is expected to submit by the end of the year. What the Tough Job Market for New College Grads Says About the Economy How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All Godzilla Conquered Japan. Now Its Owner Plots a Global Takeover A Rebel Army Is Building a Rare-Earth Empire on China's Border Why Access to Running Water Is a Luxury in Wealthy US Cities ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
Grubhub Owner Wonder Seeks Up to $500 Million to Refinance Debt
(Bloomberg) -- Grubhub Holdings Inc.'s owner Wonder has approached lenders including private credit firms as it seeks to raise between $400 million and $500 million to refinance the food delivery company's existing debt, according to people with knowledge of the matter. The Dutch Intersection Is Coming to Save Your Life Mumbai Facelift Is Inspired by 200-Year-Old New York Blueprint Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests LA Homelessness Drops for Second Year Manhattan, Chicago Murder Rates Drop in 2025, Officials Say Wonder is seeking to include a payment-in-kind feature in the new financing, which would allow the company to defer at least a portion of its interest payments until the debt's final maturity, said the people, who asked not to be identified discussing private information. It is discussing an interest rate of around 13% with potential investors, which would be inclusive of the PIK component, according to one of the people. Private credit lenders typically offer PIK structures to fast-growing tech companies that have predictable revenue streams but need to burn through cash to acquire new customers or develop new products. Representatives for Grubhub and Wonder declined to comment. Private credit lenders have considered financing proposals for Grubhub in the past but a deal was never completed, some of the people said. Grubhub has $500 million of notes outstanding, which it issued in 2019 with the help of investment banks at a coupon of 5.5%, according to data compiled by Bloomberg. Wonder Group Inc. acquired Grubhub last year from Just Eat for about $650 million, paying $150 million in cash and assuming the $500 million of existing debt. The food delivery industry has faced pressure particularly in New York City, after the city placed a cap on fees meal-delivery companies could charge restaurants. Grubhub, Doordash Inc. and Uber Technologies Inc. recently agreed to settle a lawsuit over the caps in exchange for changes to the law that the city is expected to submit by the end of the year. What the Tough Job Market for New College Grads Says About the Economy How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All Godzilla Conquered Japan. Now Its Owner Plots a Global Takeover A Rebel Army Is Building a Rare-Earth Empire on China's Border Why Access to Running Water Is a Luxury in Wealthy US Cities ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
4 days ago
- Business
- Bloomberg
Grubhub Owner Wonder Seeks Up to $500 Million to Refinance Debt
Grubhub Holdings Inc. 's owner Wonder has approached lenders including private credit firms as it seeks to raise between $400 million and $500 million to refinance the food delivery company's existing debt, according to people with knowledge of the matter. Wonder is seeking to include a payment-in-kind feature in the new financing, which would allow the company to defer at least a portion of its interest payments until the debt's final maturity, said the people, who asked not to be identified discussing private information.
Yahoo
4 days ago
- Business
- Yahoo
Wyndham, Grubhub partner on food delivery to 6K hotels
This story was originally published on Hotel Dive. To receive daily news and insights, subscribe to our free daily Hotel Dive newsletter. Dive Brief: Wyndham Hotels & Resorts has partnered with Grubhub to offer guests across its entire U.S. portfolio — nearly 6,000 hotels spanning 20 brands — food and convenience item delivery through online ordering, the hotel company announced Thursday. Wyndham guests can order through a branded digital experience on the Grubhub app while on-site at participating hotels. Guests will also be able to activate a complimentary six-month Grubhub+ membership, unlocking added benefits like free delivery. The partnership aims to provide guests with added convenience and comfort, according to Charmaine Taylor, senior vice president of strategic and financial partnerships at Wyndham. Wyndham joins a list of other hotel companies to work with Grubhub. Dive Insight: Through the partnership, guests at participating Wyndham hotels will be able to order for delivery food and convenience items — think toothpaste or a phone charger — by opening the Grubhub app or scanning one of the Grubhub QR codes featured on hotel marketing materials. In addition to online ordering, guests will be able to access exclusive perks like $0 delivery on eligible orders, lower service fees and a 5% credit back on pickup orders, according to Wyndham. 'Together, we're elevating the on-property experience, delivering seamless convenience for not only the hundreds of thousands of guests that walk through their doors every year, but also the tens of thousands of hotel team members who make those hotel stays possible,' Grubhub VP Rob DelaCruz said in a statement, noting that Wyndham has one of the largest footprints of any major hotel company in the U.S. The partnership will expand Grubhub's services to some 6,000 hotels — more than the company's previous collaborations with Choice Hotels International and Hilton, which brought online ordering to more than 500 hotels and 2,600 hotels, respectively. Grubhub also previously partnered with Extended Stay America, My Place Hotels of America and Sonesta after Americans became more accustomed with food delivery during the pandemic. Wyndham's Grubhub collab comes after the hotel company partnered with Applebee's in May to enable Wyndham Rewards members to earn loyalty points and receive free delivery through mobile orders with the restaurant chain. Brand partnerships drove a surge in hotel loyalty membership at Wyndham and key competitors in 2024, CBRE reported in April.
Yahoo
5 days ago
- Business
- Yahoo
Wyndham partners with Grubhub for delivery services
Wyndham Hotels & Resorts has entered a partnership with online and mobile food-ordering and delivery platform Grubhub, providing guests and staff across its nearly 6,000 US hotels with convenient access to on-demand delivery services. The collaboration spans Wyndham's entire US portfolio, including 20 brands and offers a range of benefits, which encompass $0 delivery fees. Grubhub campus and hospitality vice-president and general manager Rob DelaCruz said: 'Wyndham has one of the largest footprints of any major hotel company in the US. 'Together, we're elevating the on-property experience, delivering seamless convenience for not only the hundreds of thousands of guests that walk through their doors every year, but also the tens of thousands of hotel team members who make those hotel stays possible.' The service is accessible through the Grubhub app while present at the property or by scanning QR codes at participating hotels. Users are guided through a Wyndham-branded digital experience to activate a complimentary six-month Grubhub+ membership. This membership includes perks such as free delivery on eligible orders, a 5% credit back on pickup orders, and reduced service charges. Wyndham Hotels & Resorts' strategic and financial partnerships senior vice-president Charmaine Taylor said: 'Travel should be enjoyable, not stressful—and that's exactly what Grubhub helps deliver. 'Whether it's a late-night craving, forgotten essentials, or a last-minute need like a phone charger, anyone at one of our hotels can now get what they need, when they need it. With the added perks of Grubhub+, convenience and comfort are just a few taps away.' This move follows a similar expansion of a partnership between hospitality company Hilton and Grubhub last December. "Wyndham partners with Grubhub for delivery services" was originally created and published by Hotel Management Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
