Byju’s, lenders agree to alter terms of $1.2 billion loan

Troubled edtech major Byju’s has reached a tentative agreement to rework its loan pact with lenders who collectively own more than 85% of the $1.2 billion Term B loan, people aware of the matter told ET. An announcement in this regard is expected early Monday.

A Term Loan B (TLB) typically is aimed at generating long-term returns on investment through interest payment to investors while the borrower will get time to pay the principal amount only at the end of the tenure.