Home >Companies >Uber in talks with banks for $1 billion credit facility: report
San Francisco-based Uber, which has grown rapidly in value to be worth around $40 billion, recently submitted a $3 billion bid for Nokia Oyj’s map business HERE.  Photo: Reuters
San Francisco-based Uber, which has grown rapidly in value to be worth around $40 billion, recently submitted a $3 billion bid for Nokia Oyj’s map business HERE. Photo: Reuters

Uber in talks with banks for $1 billion credit facility: report

Uber is in talks with a number of large banks for the loan, asking them how much they would commit and at what terms, said report

Bengaluru: Uber Technologies Inc. is seeking a $1 billion credit line from banks, the Wall Street Journal reported, citing people familiar with the matter.

The cab-hailing company is in talks with a number of large banks for the loan, asking them how much they would commit and at what terms, the Journal reported, citing the people.

About six to seven banks are expected to be part of the facility, the newspaper said.

An initial public offering is not imminent, the Journal reported, adding that one person said a debut was not expected until next year at the earliest.

The credit facility, known as a revolver, is not needed to fund Uber’s day-to-day business, the Journal reported.

San Francisco-based Uber, which has grown rapidly in value to be worth around $40 billion, recently submitted a $3 billion bid for Nokia Oyj’s map business HERE.

Uber declined to comment. Reuters

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Close
×
My Reads Redeem a Gift Card Logout