Booking Holdings says bookings have decreased by more than 85% year-on-year.

In an update on the impact of COVID-19 on current trading, the online travel company says it believes the impact on the current quarter, ending June 30, will be greater than the situation in the first quarter of 2020.

Booking Holdings also talks about a number of steps taken around supporting its financial position including an offering of senior notes, which is expected to raise $3.23 billion, as well as an offering of convertible senior notes to net an additional $735 million. 

The proceeds will go towards "general corporate purposes which may include the repayment of debt." 

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The company says that even before the announced external financing, it believes if current business volumes stay the same, it can meet “operational and other needs through at least the end of 2021.” 

In addition, it says its calculations do not include accessing its revolving credit facility of $2 billion. 

Booking Holdings adds that if volumes continue to decline, its liquidity can see it through to the second half of 2021. 

In late March, Glenn Fogel, CEO of Booking Holdings, said he, along with other top executives from the company, would be foregoing their salaries to help deal with the impact of the virus. 

Earlier this week, travel stocks including Booking Holdings, Expedia and Tripadvisor all increased with some outlets attributing the gains to glimmers of hope of recovery fueled by lower coronavirus infections.

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