Alibaba seeks to extend $8 bln loan draw-down to end 2014
HONG KONG Dec 11 (Reuters) - Alibaba Group Holding Ltd said on Wednesday it is seeking to extend the draw-down period of its $8 billion loan to the end of next year, a move that people familiar with the e-commerce firm's plans said would buy it more time to launch an IPO.
The original expiry date of the draw-down period on the loan was Jan. 30 of next year, according to the deal terms. Alibaba wants to extend that to Dec. 31, 2014, sources familiar with the discussions said.
"We have plenty of cash on the balance sheet and there is no need to draw down at this time, so we are extending the availability of funds to maintain flexibility," the company said, without specifying a date.
Alibaba said the funds will be used for corporate purposes.
- Malaysia air probe finds scant evidence of attack: sources |
- Search widened as Malaysia air probe finds scant evidence of attack |
- Confrontation in Ukraine as diplomacy stalls |
- Exclusive: Chinese raw materials also found on U.S. B-1 bomber, F-16 jets
- Freescale loss in Malaysia tragedy leads to travel policy questions