Alibaba takes USD 3 billion loan to fund expansion plans

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Shanghai, Mar.10 (ANI): Chinese e-commerce company Alibaba Group Holding Ltd has announced the signing of a deal for a USD 3 billion five-year loan to fund its expansion plans.

The e-commerce giant has been expanding in the field such as online video, Reuters reported.

“The loan, which is subject to upsize through oversubscriptions in syndication, has a five-year bullet maturity and is priced at 110 basis points over LIBOR,” the company said in the filing.

Headquartered in Zhejiang, China Alibaba provides consumer-to-consumer, business-to-consumer and business-to-business sales services via web portals.

It also provides electronic payment services, a shopping search engine and data-centric cloud computing services. The group began in 1999 when Jack Ma founded the website, a business-to-business portal to connect Chinese manufacturers with overseas buyers. (ANI)

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