Mondee Holdings (MOND) said late Tuesday it got a $15 million letter of credit from Morgan Stanley (MS), which was a condition to extensions to its term loan and preferred equity.

The loan's maturity date has been extended to June 30, 2028, and the put option date for the preferred equity has been extended to Dec. 31, 2028, the company said.

The letter of credit also unlocks an additional $5 million in net proceeds to Mondee from the loan, which will lead to at least $20 million of working capital available, Mondee said.

Mondee shares were up 2.6% in recent after-hours activity.

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