PALO ALTO, CA (Fri, Mar. 09) – Social networking website Facebook, has secured credit deal worth $8 billion from a consortium of banks ahead of the social network's eagerly anticipated initial public offering (IPO).
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| With $8B credit dead Facebook flying high ahead of initial public offering |
Facebook has secured $8 billion ahead of the social network's eagerly anticipated initial public offering (IPO), according to documents provided to US regulators.
According to documents submitted Wednesday with the Securities and Exchange Commission (SEC); Facebook had secured a $5 billion revolving line of credit over three years from a bank consortium including Morgan Stanley, JP Morgan, Goldman Sachs and Bank of America-Merrill Lynch.
Sources in Facebook revealed that the company aims use the facility "for general corporate purposes." In the wake of new arrangement Facebook has terminated the credit facility agreement inked with Barclays Capital and others that granted the company the borrowing capacity of $2,500 million.
According to documents submitted Wednesday with the Securities and Exchange Commission (SEC); Facebook had secured a $5 billion revolving line of credit over three years from a bank consortium including Morgan Stanley, JP Morgan, Goldman Sachs and Bank of America-Merrill Lynch.
Sources in Facebook revealed that the company aims use the facility "for general corporate purposes." In the wake of new arrangement Facebook has terminated the credit facility agreement inked with Barclays Capital and others that granted the company the borrowing capacity of $2,500 million.
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