NEW YORK– Selina Hospitality PLC (“Selina”), the fast-growing lifestyle and experiential hospitality brand targeting Millennial and Gen Z travelers, and BOA Acquisition Corp. (NYSE: BOAS), a publicly-traded special purpose acquisition company, today announced that Selina has entered into agreements for a $147.5 million of 6% senior unsecured convertible notes due 2026. This additional financing is expected to close concurrently with the proposed business combination with BOAS and allow Selina to realize its multi-year business plan.
Rafael Museri, Selina Co-Founder and Chief Executive Officer, said, “We have taken another step to help ensure funding certainty as we move towards the closing of our merger with BOAS and our listing as a public company. We welcome our new investors and view their support as additional validation of Selina’s differentiated hospitality offering and the exciting opportunity in front of us. Over the past seven years, we believe we have proven Selina’s value proposition and that going public will enable us to accelerate our growth and bring Selina to more locations, travelers and local partners worldwide, further expanding our competitive moat. We had strong performance in 2021, and already in 2022 we have had a highly productive first quarter as we advance our strategic growth plan. Selina is well positioned to continue to benefit from pent-up travel demand, the increase in remote working, and the prioritization of health, wellness and experiences among our target customers, which we anticipate will accelerate in the coming years.”
Sam Khazary, Selina Senior Vice President and Global Head of Corporate Development, said, “We are particularly pleased to have completed an offering in these uncertain times, underscoring investor confidence in our business. We are grateful to Oppenheimer & Co. for navigating this financing as placement agent, and for their strategic advice in achieving a highly successful outcome for Selina and our stakeholders.”
Benjamin Friedman, BOA Acquisition Corp. President and CFO, said, “This new financing and the strong demand from investors reinforce our conviction in the strength of Selina’s business and the growth that they have delivered. We believe this transaction provides Selina with additional capital to execute on their plan and realize the incredible opportunity ahead.”
Morgan, Lewis & Bockius LLP acted as legal advisor to Selina, King & Spalding LLP acted as legal advisor to BOA Acquisition Corp. with Kirkland & Ellis LLP representing Oppenheimer & Co.
