Home Retail Alibaba gets a $3 billion loan for expansion

Alibaba gets a $3 billion loan for expansion

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of China led by Jack Ma has signed a deal of $3 billion loan for a time period of five years.

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Alibaba Group Holding Ltd of China

As per a report of The Wall Street Journal, the company was holding talks with many banks to get a $4 billion loan sanctioned in order to fund the expansion plans and acquisitions.

Alibaba claims that this money will be further utilised for general corporate purposes though they refused to reveal anything further .

The company said in the filing “The loan, which is subject to upsize through over subscriptions in syndication, has a five-year bullet maturity and is priced at 110 basis points over LIBOR,” as reported by The Economic Times. By this statement, they were attributing to the benchmark interest rate used by the global banks while giving loans.