Uber chief executive Dara Khosrowshahi. Photo credit: World Economic Forum / Faruk Pinjo, under Creative Commons license

 Ride-hailing giant Uber has announced that it intends to sell $500 million worth of bonds that’ll be due by 2028. The announcement comes not long after Uber previously proposed and completed a $900 million bond offering with senior notes that are due by 2025. Uber intends to use the proceeds from the newly proposed bond offering to help redeem previously issued bonds that are due by 2023. The ride-hailing company currently has $500 million in outstanding bonds due by that year. 

Uber is seeking to raise more money in a market that seems to be favorable despite the company’s history of clinching sizeable losses. In the second quarter of this year, Uber reported $1.8 billion in losses amid a ride slump due to the coronavirus pandemic. As of the end of the quarter, Uber had $7.8 billion in cash on its balance sheet, presumably enough to help it shoulder more sizeable losses. Uber hasn’t turned a profit since its inception but has constantly grown revenues at a strong rate since its founding about a decade ago. During the most recent quarter, the company’s food delivery revenues surged 103% year-over-year to $1.2 billion even as ride-hailing revenue slumped 67% during the same period.

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