The treasury team embarked on an initiative to execute the best funding solution to lower interest expense, optimise their debt capital structure, and improve resilience and access to low-cost capital going forward – ultimately deciding that close coordination with the ratings agencies to achieve Investment Grade and execute an IG bond offering was the right path forward.

Uber was upgraded to BBB- at S&P on 16^th August, initiated a Fitch rating at BBB on 20^th August to gain access to the IG market, and was subsequently upgraded to Baa2 at Moody’s on 27^th August.

Simultaneously, Uber was preparing for a single-day fixed income investor marketing roadshow including an investor presentation and series of three group investor calls – the marketing effort was an incredible success; 210 investor accounts participating with US$8.4bn of indications of interest received ahead of launch despite a softening backdrop.

Capitalising on the best in class marketing effort, the transaction launched the next day and was a huge success; US$31bn peak orderbook (7.8x oversubscribed), tightening 30bps from IPTs across new 5/10/30 year tranches.

The entire IG marketing and offering structure process was completed in just 23 days from kick-off call to execution; the herculean effort allowed Uber to capture LTM lows in benchmark treasury yields. Uber quickly followed the offering with an RCF secured to unsecured refinancing, growing the facility from US$2.5bn to US$5bn to achieve fully unsecured capital structure.

Active Bookrunners were Morgan Stanley, Bank of America and J.P. Morgan.