EXPE · Expedia Group, Inc.

Expedia Group has successfully completed a significant debt financing through a $1 billion senior notes offering, securing long-term capital at a 5.500% coupon rate with a 2036 maturity. The transaction was executed efficiently under the company's existing shelf registration statement, with the underwriting agreement signed on April 8, 2026, and closing occurring just two days later on April 10, 2026. The notes carry standard investment-grade covenants including limitations on liens and sale-leaseback transactions, along with change of control protection requiring the company to offer repurchase at 101% of principal if both a change of control occurs and the notes are downgraded below investment grade by at least two rating agencies. The company retains flexibility with optional redemption provisions allowing make-whole redemption before January 15, 2036, and par redemption thereafter. With net proceeds of approximately $986 million, the offering provides substantial liquidity for the company's stated general corporate purposes, which notably include potential debt reduction and shareholder returns through dividends and stock repurchases, suggesting a balanced approach to capital allocation between strengthening the balance sheet and returning capital to shareholders.