Booking.com:”newly-booked room nights decreased by 85%” – Idaho Reporter

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Booking.com:”newly-booked room nights decreased by 85%”

Booking Holdings (NASDAQ: BKNG) that operates several OTAs (Booking.com, KAYAK, Agoda…) today announced that they Co Entered Into an Amendment to Its $2 Billion Revolving Credit Facility.

Besides this information Booking disclosed other important updates and predictions for interested investors. Due to the rapidly spreading COVID-19 outbreak “newly-booked room night reservations” have been declining “and in recent days have decreased by over 85% as compared to the comparable period in 2019″

It is noted that this downward trend could continue and newly-booked room night reservations may be canceled due to travel restrictions and bans.

“Due to the uncertain and rapidly evolving nature of current conditions around the world, we are unable to predict accurately the impact that COVID-19 will have on our business going forward. We currently expect, however, that the COVID-19 outbreak will impact our financial performance for the quarter ended June 30, 2020, much more significantly than it impacted the quarter ended March 31, 2020”-it is said in the 8-K form signed by executive VP of Booking Holdings, Peter J. Millones.

“If our credit ratings were to be downgraded, or financing sources were to ascribe higher risk to our rating levels, our industry or us, our access to capital and the cost of any financing would be negatively impacted. ” warned Booking Holdings-“We currently have $2.0 billion available under our revolving credit facility, which provides an additional source of liquidity, but our ability to access the revolving credit facility depends on satisfaction of, among other things, a financial test, which we may not be able to satisfy if the deterioration of our business continues. There is no guarantee that additional debt financing will be available in the future to fund our obligations, or that it will be available on commercially reasonable terms, in which case we may need to seek other sources of funding. In addition, the terms of future debt agreements could include more restrictive covenants, which could restrict our business operations.”- it is said in the report.

As of today, Booking Holdings Inc (NASDAQ: BKNG) share price increased by 3.2% and is trading at $1421.21 on Apr 8, 11:28 EDT . BKNG shares are taking a price cut of -22% from the highest point of 52 . According to many analysts BKNG is still undervalued stock. Booking Holdings stock price bounced back from 52 weeks low when it was $1,107.29.

2 Comments

  1. Greta

    I work for booking.com and I have just been fired yesterday.

    • Robert K. Reed

      Feel free to contact us via our Email with more details if you want.

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