Alibaba secures $8bn loan

Chinese e-commerce giant Alibaba Group has secured US$8 billion in loans from nine banks in a lending deal that closed on April 30, The Wall Street Journal reported, citing a person with knowledge of the matter. The deal – proceeds of which will be used in part to restructure existing debt – comprises a three-year US$2.5 billion loan, a five-year US$4 billion loan and a three-year US$1.5 billion revolving credit facility. The nine banks contributing to the loan are: Australia and New Zealand Banking Group (ANZ.ASX, ANZ.NZE), Credit Suisse Group (CS.NYSE, CSGN.VTX), Citigroup (C.NYSE), Deutsche Bank (DB.NYSE, DBK.FRA, DBK.BIT), DBS Group Holdings (D05.SGX), HSBC Holdings (HBC.NYSE, HSBA.LON), JP Morgan Chase (JPM.NYSE), Morgan Stanley (MS.NYSE) and Minzuho Corporate Bank.