 "Alibaba takes $3 billion loan to fund expansion plans")
Chinese e-commerce company Alibaba Group Holding Ltd has announced the signing of a deal for a $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.
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"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 Alibaba.com, a business-to-business portal to connect Chinese manufacturers with overseas buyers.