Alibaba nets USD8bn loan

Alibaba

Alibaba Group Holdings has obtained an USD8bn loan from nine banks

According to the Wall Street Journal, the Chinese eCommerce giant Alibaba Group Holdings has obtained an USD8bn loan from nine banks.

The loan is for the purpose of refinancing existing debts as well as raising additional funds.  Moreover, the nine cooperating banks have offered money in the hope of playing a part in Alibaba’s IPO. Broken down, the loan is comprised of one USD2.5bn three-year loan, one USD4bn five-year loan and one USD1.5bn three-year revolving credit facility.

As a result, the nine participating banks are: Credit Suisse Group, Citigroup, Deutsche Bank, DBS Group Holdings, JPMorgan Chase, Morgan Stanley, Australia &New Zealand Banking Group, HSBC Holdings and Mizuho Corporate Bank.

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