Uber seeks $1bn credit line from banks
This move might be followed by an IPO
Taxi ordering phone app Uber is seeking a $1bn credit line from banks, The Wall Street Journal reported on Friday citing people familiar with the matter.
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The company is said to be in talks with at least seven banks in order to reach an agreement on the loan, asking them how much they would commit and at what terms.
Negotiating a credit line is normally deemed a precursor to an Initial Public Offering (IPO), as other companies such as Facebook and Alibaba, did likewise.
The company has secured more than $5 billion in debt and equity from investors since it was launched in March 2009, and is expected to generate about $10bn revenue by the end of the year.
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